If you have to follow New Hampshire surety bond requirements, get all the important information in the easy guide below.
Surety bonds make one party liable to another party for any damages that result in financial losses. There are many different surety bonds types, each with unique details, but all surety bond agreements work the same way. There are three parties involved:
Most New Hampshire bonds fall into one of four common categories:
Some people know they will need surety bonds, like motor vehicle dealers or large construction providers. But for others, New Hampshire surety bond requirements pop up unexpectedly, like when getting utility services started. Don't let these requirements become an obstacle – rely on Viking Bond Service instead.
The process can vary depending on the bond type, the coverage amount, and the principal's background. Most bonds only take a few steps to apply for, including the following:
Typically, surety bond costs will be a small percentage of the coverage amount based on the principal's credit score and, when applicable, their business background. People deemed a higher risk will pay larger premiums. However, thanks to a special program from Viking Bond Service, they will not face immediate denial or outrageous rates just because of credit.
Some bonds need to be renewed – commercial bonds in particular. That will involve another credit check, which the surety will use to adjust the premium up or down. That's why it's important to budget for the renewal premium to avoid lapses in bond coverage.
Get quotes for New Hampshire bonds from us, a national surety agency with the resources to make bonding easy and affordable for everyone. Request a quote, contact us, or call 1-888-2-SURETY (1-888-278-7389).
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