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Surety Bonds in Missouri

Surety Bond Missouri

Viking Bond Service can help businesses secure an affordable surety bond in Missouri. The Viking team of agents is knowledgeable about all types of surety bonds, including commercial and contract bonds. With many years of experience as a leading bonding company in the US, Viking Bond Service has developed a premier surety bonding process that makes applying for a surety bond in Missouri quick and easy. What makes our service first class is our friendly and efficient team members who understand that having the correct surety bond in place is essential for starting some businesses and maintaining regulatory compliance in Missouri. Contact us today to get started.

How Do Surety Bonds in Missouri Work?

Different surety bond types come with different rules and requirements. They all share the same purpose, though. Surety bonds are a way for one party to hold another party accountable for misconduct – illegal, unethical behavior or breaches of contract – and receive compensation equal to the financial losses caused. There are three parties involved:

  • Principal – The person required to get the bond. Under the bond agreement, the principal also has liability for all claims.
  • Obligee – The person allowed to file claims against the surety bond for damages that are the fault of the principal.
  • Surety – The company that underwrites the surety bond. If the principal won't settle a valid claim with the obligee, the surety guarantees a settlement under the bond agreement. The principal must then repay the surety (with interest and fees) for any claims it settles.

Who Needs Surety Bonds in Missouri?

Surety bonds are useful in any situation where one party needs to hold another accountable. Therefore, they may be required before the state grants someone a business or professional license. For example, both motor vehicle dealers and notary publics need a bond before they can get a license. Surety bonds may also be required before a construction company or contractor can finalize a work contract with a client.

Surety bonds are a big part of the business world, but ordinary individuals may also need them. For instance, utility companies sometimes require a surety bond to get water, gas, or electric service started. Whenever Missouri surety bond requirements come up, turn to Viking Bond Service.

How to Get a Surety Bond in Missouri

Surety bond services like those offered by Viking Bond Service offer a simple way to secure a surety bond in Missouri. Using an experienced bonding company can help you get the correct bond at the best price. Viking has developed an easy online application process for commercial bonds. We may also be contacted via phone or email to get the bonding process started as well.

Contract bond applications are more tailored to the specific type and amount of the contract. One of our experienced contract bond agents can guide you through the contract bonding process. Whether commercial or contract, the typical bond request involves a completed application, a credit check, and, when necessary, supporting documentation such as financial statements. Once the completed application has been approved by a surety underwriter, the quote accepted and premium paid, the bond will be issued.

The Cost of Missouri Surety Bonds

The cost of a surety bond in MO will depend on a number of things. Two of the biggest influences on surety bond premiums are the bond type and bond amount. However, the surety company will also take into consideration credit history and business financial information. Surety underwriters attempt to determine how risky it is to issue a bond. They do this by looking at all the information in your application, including credit history. Strong credit helps reduce the perceived risk of issuing a bond and lower quotes result. Viking Bond Service seeks to provide the required surety bond for the best terms to all our clients, those with great credit as well as those with credit challenges.

Common Missouri Surety Bonds

Surety bonds in MO come in two main types: contract bonds and commercial bonds. Viking Bond Service has experience helping businesses in Missouri secure all types of bonds in the state.

Commercial bonds, which are often called license and permit bonds, are often required as part of the business licensing process. Many different types of businesses in Missouri may be required to secure a license bond. Some commonly issued bonds in Missouri include Auto Dealer bonds and Mortgage Broker bonds.

Contract bonds provide a form of security for contracts and are frequently used in the construction industry. Contract bonds protect one of the parties in a contract by providing a way for them to claim compensation should they suffer financial losses due to breach of contract. There are four main types of contract bonds: bid bonds, performance bonds, payment bonds, and maintenance bonds.

Court bonds are sometimes required by a judge. They make the bondholder responsible for following the judge's final ruling. Court bonds can also be required before taking on a court-appointed role – like the executor of an estate – in which case someone must follow the standards set by the court or be held accountable.

Fidelity bonds are different from other surety bond types because they are voluntary instead of mandatory. A business can choose to get a fidelity bond that will pay them to recover from damages related to employee misconduct like theft or vandalism.

Renewing Surety Bonds in Missouri

When Missouri surety bond requirements last longer than the coverage term, the bond must be renewed. With commercial bonds, for example, coverage typically lasts 12 months. If it lapses, the license that requires the bond lapses as well, making it illegal to keep conducting business. It's vital to renew before the expiration date. The renewal premium may go up or down based on any changes to credit since the last renewal.

Contact Viking Bond for Your Surety Bond in Missouri Needs

Viking Bond offers quick and easy service to help you secure a surety bond in Missouri. Meet all Missouri surety bond requirements starting by requesting a quote – you can expect a response in under 24 hours. Have questions? Our team is happy to explain anything and everything – contact us or call 1-888-2-SURETY (1-888-278-7389).

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