Rhode Island surety bond requirements are more common than you might think. If and when you need to get a surety bond, this page has all the info you need to know.
All surety bond types hold one party financially liable for damages they cause another party due to misconduct like illegal activity, unethical behavior, or breaches of contract. In all surety bond agreements, there are three parties:
If you need a surety bond in Rhode Island, it probably falls into one of these categories:
Someone may be required to get a commercial, contract, or court bond before they are granted a license, contract, or court approval respectively. Surety bond requirements are common for business owners and contractors, but they can apply to individuals as well, sometimes unexpectedly. That's why everyone in Rhode Island should know about a surety agency like Viking Bond Service that makes getting any bond easy for anyone.
Getting most bonds involves a simple application process:
The surety company that issues the bond will quote a premium based on the application materials. Paying that premium activates coverage and satisfies the Rhode Island surety bond requirement for as long as the coverage term lasts.
The cost of a surety bond in Rhode Island depends on three factors: the type of bond, the amount of coverage, and the bond seeker's credit. Premiums are typically a small percentage of the coverage amount, less or more depending on credit.
A surety bond needs to be renewed when the coverage requirement lasts longer than the coverage term. For example, commercial bonds need to be renewed to keep a business or professional license valid. Bond renewal involves a credit check that could raise or lower the premium.
Request a bond quote at any time and expect a response within 24 hours. Have questions? Contact us or call 1-888-2-SURETY (1-888-278-7389).
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