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Surety Bonds in Pennsylvania

Surety Bond Pennsylvania

Viking Bond Service is a premier supplier of surety bonds in Pennsylvania. Our knowledgeable team has been working with local businesses for many years helping them to find an affordable surety bond that fits their needs. We offer expert service that is efficient, friendly, and fast. In fact, we aim to provide a surety bond quote on the same day that the application is received. Whether you're looking for a commercial or contract bond, we're here to help your business get the bond it needs when it needs it.

How Does a Surety Bond in Pennsylvania Work?

The specifics of how a surety bond works vary across the many different surety bond types. Nevertheless, the basics generally remain the same. Every Pennsylvania surety bond involves three parties entering into a legally binding agreement:

  • Principal – This is the person who must get a specific surety bond that covers a specific amount of damages. If the obligee files a claim against that bond, the principal is liable to pay.
  • Obligee – This is someone who experiences financial losses because of misconduct on the part of the principal. The obligee can file a claim for compensation against the bond, and they are guaranteed a settlement, provided the claim holds up under investigation.
  • Surety – This is the company that issues and underwrites the bond. In the event that the principal can't or won't settle a claim they are liable for, the surety will settle with the obligee (up to the bond's coverage limit). The principal must then repay that debt to the surety or risk losing bond coverage and even legal action.

Who Needs Pennsylvania Surety Bonds?

People need surety bonds to do lots of things, from becoming a motor vehicle dealer to having utility services activated. Surety bond requirements can apply to almost anyone and appear unexpectedly. That said, there are some people who are more likely to need surety bonds in Pennsylvania:

  • Entrepreneurs seeking a business license often need a surety bond to get that license.
  • Professionals who need a license to work legally may face surety bond requirements.
  • Contractors typically need a surety bond as a condition of being awarded a contracted job, especially for bigger or public sector projects.

How to Get a Surety Bond in Pennsylvania

To get a surety bond in PA, you'll need to complete the necessary application process with a surety bond company like Viking Bond Service. As experienced bond suppliers, we've made our application process as quick and easy as possible. If you're looking for a commercial or license bond, you'll be able to use our online application form to apply for the bond you need. If you require a contract performance bond, you'll need to apply through a Viking Bond agent who can facilitate the application for you.

The Cost of Pennsylvania Surety Bonds

The cost of your surety bond in Pennsylvania will be determined by a number of factors. Bond type and amount play a large role in determining the premium cost of a PA surety bond. Other influences on the premium include the applicant's credit history and their business financial records. Pennsylvania surety bond companies use the information submitted with your application to determine the riskiness of a bond. Put simply, they calculate the likelihood of a bond being claimed against. If the bond is deemed a low risk then the premium will be lower. Your credit history is used to assess how secure your finances are, so people with a poor credit history generally pay higher premiums to cover the increased risk. Viking Bond Service can help people secure the right bond, whatever their credit history.

Common Pennsylvania Surety Bonds

Common surety bonds in Pennsylvania fall into two main categories: commercial bonds and contract bonds. The Viking Bond agents have experience with applications for all common surety bonds in Pennsylvania.

To ensure that you're in compliance with all state regulations, our team of commercial surety bond experts can help you find the bond you need for your business, whether it's a lost title bond, liquor tax bond, mortgage broker bond, or any other commercial surety bond.

Bid bonds, maintenance bonds, payment bonds, and performance bonds are all types of contract surety bonds in Pennsylvania. Contract bonds are used to provide a guarantee that the terms outlined in a contract will be met. If the work or products provided do not meet the minimum requirements of the contract, the bond provides a method to obtain financial reimbursement for the contract value.

Judges who need to compel a participant in legal proceedings to follow the court's orders may require someone to get a court bond. They are common in civil trials involving financial matters. Someone serving in a court-appointed role (like the executor of an estate) may need one too.

Another common surety bond type that works differently than the rest is fidelity bonds. They provide a form of business insurance by paying a business owner for damages resulting from employees that steal or commit fraud. Unlike the others, these bonds are obtained voluntarily, but many businesses choose to get them anyway.

Renewing Surety Bonds in Pennsylvania

Bonds usually remain active for 12 months, but if someone is required to have bond coverage for longer than that term, they will need to renew the bond before it expires. The process is simple, only involving a credit check followed by an adjusted premium price. This premium adjustment (up or down) is based on changes to credit standing since the last renewal. Coverage renews as soon as the new premium is paid.

Pennsylvania Surety Bonds by Viking Bond Service

Viking Bond Service is one of the leading surety bond companies in Pennsylvania. Apply for your PA bond online today or get in touch by calling 1-888-2-SURETY (1-888-278-7389).

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