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Surety Bonds in Montana

Starting a business, beginning a career, or kicking off a work project are just a few examples of when you might need surety bonds in Montana. Surety bond requirements are common. They are also important to comply with, quickly and correctly. This page explains everything you should know.

How Does a Surety Bond in Montana Work?

Just like any other state, a surety bond in Montana is a legally binding agreement between three parties designed to hold one party financially liable for misconduct that causes damages to a second party. The third party acts as an intermediary. Here is who's involved:

  • Principal – The party that gets the bond and takes responsibility for paying all claims.
  • Obligee – The party that requires the bond and has the right to file claims against it for damages caused by the principal.
  • Surety – The party that issues and underwrites the bond. If the principal can't or won't settle a claim, the surety guarantees the obligee a full settlement. However, the principal must repay the surety the settlement amount (plus interest and fees) or face collections and potential lawsuits.

Types of Montana Surety Bonds

Despite there being hundreds of different types of bonds, each with unique requirements in Montana, all those bonds fall into one of four broad categories:

  • Commercial Surety Bonds – Surety bonds are required before the state will issue you different types of business or professional licenses.
  • Contract Surety Bonds – Surety bonds requirements are included in a contract. These are common in the construction industry, where project owners use contract surety bond requirements to ensure that construction companies do what they have agreed to under contract.
  • Court Surety Bonds – Surety bonds that a judge requires you to get before proceeding with some types of civil trials.
  • Fidelity Bonds – Surety bonds that protect a business owner and the business's customers from misconduct. These surety bonds are voluntary, but businesses may decide to obtain fidelity bonds as a way to guard against common business risks.

Who Needs a Surety Bond in Montana?

Many working professionals, and others you may not expect, need Montana surety bonds. Surety bonds are often a part of contracting life, particularly for people who need a license to work legally or who rely on contracts as part of their work. In reality, any situation where one party needs to establish trust with another party may involve a surety bond. For all those instances, rely on Viking Bond Service to help you get the exact bond you need – fast, affordable, and easy.

How to Get a Surety Bond in Montana

Different surety bonds types are subject to different application processes, but there are some near-universal steps you should prepare to follow:

  • Application – You will need to complete a standard bond application. Some bonds require business partner information on the application as well.
  • Credit Check – The surety will run a credit check, which usually has no impact on credit scores.
  • Documentation – You may be asked to provide additional documentation such as a financial statement or a copy of the exact bond requirements.
  • Premium Quote – Underwriters at the surety will use the application information to quote you a custom price for the bond premium.
  • Coverage Activation – Coverage activates as soon as you pay the premium, at which time the surety provides a document proving you have the required bond coverage.

The Cost of Montana Surety Bonds

The cost of a surety bond depends on three factors:

  • The type of surety bond
  • The size of the surety bond
  • Your credit score and financial history

In most cases, you will pay a small percentage of the bond's total size. The lower your credit standing, the higher your bond premium. Some bond providers will even deny people because of credit. If credit makes it harder for you to get a bond, take advantage of the bad credit surety bond program from Viking Bond Service.

Do You Need to Renew Surety Bonds in Montana?

Some bonds, mostly commercial bonds, require renewal on an annual basis. Nevertheless, longer or shorter terms are both possible. The surety will reevaluate your credit at the time of renewal, then adjust the premium price up or down accordingly. To keep bond premiums from going up, it's helpful to maintain strong credit.

Viking Bond Service – Serving Across Montana

For surety bonds in the Big Sky State, your best source is Viking Bond Service. We strive to make bonding simple and attainable for all, whether you need a bond one time or for years to come. How much would your surety bond cost? Request a no-cost, no-obligation quote at any time or get more information from our team of bond experts. Contact us with your questions or call 1-888-2-SURETY (1-888-278-7389).

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