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Surety Bonds in Utah

Surety Bond Utah

As one of the leading surety bond companies in the US Viking Bond service can help you find an affordable surety bond for your Utah based business. We're here to help with both commercial and contract surety bonds, ensuring your business gets the bond it needs to operate in the state. We've developed an easy quoting process to make the application as quick and easy as possible. You can trust Viking Bond Service for all for surety bonds in UT needs!

How Do Surety Bonds in Utah Work?

The purpose of all different surety bond types is to link together three equal parties in a legally binding agreement:

  • Principal – The principal is the person required to get a specific type of surety bond with a specific amount of coverage. If the obligee files a claim against the bond seeking compensation and the claim proves true after an investigation, the principal must pay the claim in full.
  • Obligee – The obligee is the beneficiary of the bond. If the principal does something illegal, unethical, or prohibited under contract, the obligee may file a claim against the bond seeking compensation equal to any financial losses suffered. Provided that the claim is true, the obligee is guaranteed a settlement.
  • Surety – The surety is the company that issues the bond to the principal. If the principal cannot or will not pay the obligee to settle a claim, the surety agrees to issue a settlement. However, since the principal has liability for all claims, they must repay the surety the full settlement amount in a timely manner (with interest and fees added) or face loss of bond coverage and, potentially, legal action.

Who Needs Surety Bonds in Utah?

More people than you might expect need Utah surety bonds. Many people need to get a surety bond before getting a license to open a business. The same is often true for people pursuing a professional license, such as a Utah contractor's license bond. A contractor or construction company can also need to get a bond as a condition of a work contract. Surety bonds may be most common in the business world, but Utah surety bond requirements can apply to individuals as well. Viking Bond Service is here to help anyone and everyone in Utah get the surety bond they need.

How to Get a Surety Bond in Utah

Does your business need to secure a surety bond in Utah? With Viking Bond Service, you can get the bond you need when you need it. To start the application process you'll need to submit an application form and the required supporting documentation. This documentation may vary by bond but may include your business financial information, personal financial statement, and your business experience. For commercial bonds, the application form can be submitted online; for contract bonds, one of our experienced agents will guide you through the process on the phone. Once your application is completed along with a credit check the surety will underwrite and quote the cost of the surety bond.

The Cost of Surety Bonds in Utah

Your Utah surety bond premium will be calculated based on the bond type, bond amount, and the supporting information submitted with your application. This information on your past and present financial situation actually plays a major role in determining your bond cost. This info is used to determine the risk level of issuing your business a surety bond. The underwriter needs to calculate how likely it is that the bond will cost the surety money, should they pay claims against your bond that you do not repay. Businesses and individuals with strong financial records will pay a lower premium, as they are perceived to be less likely to cost the surety money. People with poor credit scores will likely have to pay a higher premium but will still be able to secure a bond when using an experienced bond company like Viking.

Common Surety Bonds in Utah

Viking Bond Service can help your business secure all of the common and the less common surety bonds in Utah. Our team has many years of experience working with all types of surety bonds in UT including:

Commercial bonds that are often known as license and permit bonds. These bonds are often required by state law as part of the licensing process. There are many types of common commercial bonds in Utah, such as auto dealer bonds and contractor license bonds. Contract bonds are commonly used in the construction industry.

Contractors in Utah often are required to use a contract bond as part of their business activities. These bonds include performance bonds, payment bonds, bid bonds, and maintenance bonds. Contract bonds protect the buyers in a contract as they provide financial backup should the contract terms not be met by the seller/service provider.

Someone appearing before a judge may need a court bond. In civil and criminal trials, court bonds make the principal responsible for obeying the judge's final ruling. Someone serving in a court-appointed role, such as the executor of an estate, may also need a court bond.

Business owners have the option (but are not required) to get fidelity bonds. For example, if the business or its clients suffer financial losses due to an employee who commits theft, fraud, vandalism, or some other misconduct, the fidelity bond pays for the damages.

Renewing Surety Bonds in Utah

Surety bonds don't last forever, so it's essential to consider Utah surety bond renewal requirements. For example, a contractor may need to have a commercial surety bond for as long as they have a commercial license. Since those bonds typically expire after 12 months, they need to be continuously renewed to keep the license valid. Renewing a bond often simply involves paying another premium. However, the premium could be higher or lower than before based on credit changes since the last renewal.

Utah Surety Bonds by Viking Bond Service

Viking Bond Service can help your business find an affordable surety bond in Utah. Whether you're looking for a commercial or contract bond, we provide quotes for quality bonds in less than a day. Call or use our online application form to get started. Or, if you would like more information first, contact us or call 1-888-2-SURETY (1-888-278-7389).

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More About Surety Bonds:
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