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Surety Bonds in Nevada

Surety Bond Nevada

Viking Bond Service provides one of the premier surety bonding services in Nevada and the rest of the US. Securing the right surety bond is an essential part of maintaining compliance with state regulations for many companies operating in the state, that's why Viking has developed a quick and easy application process to help you get the bond you need when you need it. Whether you're looking for a license bond to maintain your business license or a contract bond to secure your next project, the experienced team at Viking Bond Service is here to help.

How Do Surety Bonds in Nevada Work?

All Nevada surety bond requirements work the same way; they hold one party (the principal) financially responsible for misconduct that results in damages for another party (the obligee). Misconduct could be something that's illegal, clearly unethical, or in direct breach of contract.

When the obligee suffers losses as a result of the principal, he or she may file a claim against the Nevada surety bond seeking compensation equal to the damages. The company that issues and backs the bond (the surety) will then investigate the claim, and if it's valid, the principal must pay to settle it.

If, however, the principal can't or won't settle, the surety guarantees payment to the obligee, immediately and in full. The principal still has financial liability, though, and must repay the surety (plus interest and fees) in a timely manner. Failure to repay could result in legal action and make it much harder to secure a surety bond in the future.

Who Needs Surety Bonds in Nevada?

More people than you might expect, ranging from construction companies to document preparation professionals need surety bonds. Someone may be required to get a surety bond before they can get a business or professional license or as a condition to finalize a work contract. Even utility companies sometimes make people get a surety bond before they agree to start service. Nevada surety bond requirements are common – Viking Bond Service can help meet all of them.

How to Get a Surety Bond In Nevada

Applying for a surety bond in Nevada is a simple process when you work with an experienced bonding company. Viking Bond Service provides three ways to apply for license and permit bonds: online, on the phone, or via email. Simply fill in the application form and provide the required supporting documentation to get started.

If you need a contract bond for your Nevada based business you can speak to one of our licensed agents who will guide you through the process over the phone. Most surety bond applications will require a credit check and may also require supporting documentation such as business history and financial statements.

The Cost of Surety Bonds in Nevada

Your surety bond premium will be calculated using the information provided in your application and supporting documentation. Some of the key factors that are used to determine the cost of a surety bond include the type of bond and bond amount. In addition, many people are surprised to learn that their personal credit score will play a large role in the price of their bond. This is because the surety bond underwriter will use your credit score to help determine how likely it is that issuing you a bond will cost them money. People with high credit scores are considered a lower risk and will pay lower premiums. If you have a low credit score you may struggle to secure a bond, however Viking Bond Service works with people of all credit levels to ensure that you can get the correct bond for the best terms.

Common Surety Bonds in Nevada

There are two main types of surety bond in Nevada, these are contract bonds and commercial bonds. The team at Viking Bond Service has many years of experience helping businesses in the state secure all types of surety bonds in Las Vegas and the rest of Nevada.

Commercial bonds, which can be known as license bonds or permit bonds, are generally required as part of licensing regulations for businesses who provide goods or services in the state. Common commercial bonds in Nevada include auto dealer bonds and legal document preparer bonds.

Contract bonds are used as a form of financial backup for construction contracts in Nevada as they protect the wronged parties in a contract by providing financial compensation for any monetary losses caused by the other party. Bid bonds, payment bonds, performance bonds and maintenance bonds are all types of contract bonds.

Court bonds hold someone responsible for following a judge's order as part of some civil and criminal trials. The court may also require someone to get a surety bond before they can serve as an executor, conservator, or other court-appointed role.

Fidelity bonds work as a form of business insurance to help business owners recoup losses related to employee misconduct (theft, vandalism, etc.). Unlike other surety bond types, fidelity bonds are not mandatory – business owners choose to get them.

Renewing Surety Bonds in Nevada

Renewing surety bonds is a simple but important process. When bond coverage expires before the coverage requirement does, lapses in bond coverage can occur with serious consequences. This is especially true in the case of a commercial bond, where someone requires an active bond for as long as they have a license.

To renew a bond, all the surety needs to do is run another credit check and update the premium price up or down to reflect any changes. Once approved, all you need to do is pay the new premium to renew coverage for another term.

Nevada Surety Bonds by Viking Bond Service

The team at Viking Bond Service offers a fast and efficient service to help anyone secure an affordable surety bond in Las Vegas and the rest of Nevada. What's the next step? Request a quote at your convenience. To request more information, contact us online or call 1-888-2-SURETY (1-888-278-7389).

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