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Surety Bonds In Virginia

Surety Bond - Virginia State Capital Building Richmond, VA

Viking Bond Service is one of the premier surety bonding companies in Virginia. Our 15 plus years of experience helping businesses in the state secure affordable surety bonds has given us a wide range of expertise that allows us to find you the right bond at the right price. At Viking, we understand that a surety bond is an essential part of starting and maintaining many businesses in Virginia. That's why our team of licensed bond agents has developed an efficient application process to get you a bond quote within 24 hours. Call, email, or use our online application form to get started.

What is a Surety Bond in Virginia?

There are many different surety bond types, but they all share one common purpose: to make one party liable for damages caused to another party. Every surety bond agreement involves three parties entering into a legally binding contract:

  • The principal must obtain the bond and pay for claims filed against it by the obligee.
  • The obligee determines the bond requirements. If the principal violates those requirements, the obligee may file a claim against the bond for compensation equal to the cost of the damages.
  • The surety backs the bond. If the principal can't or won't pay for a claim, the surety guarantees a settlement to the obligee, provided the bond proves valid under investigation. Whenever the surety settles a claim the principal must pay the debt back, including interest and fees.

Who Needs a Surety Bond in Virginia?

Surety bond requirements apply to many of people across Virginia. Some will need a bond for years to come while others may need a bond occasionally, temporarily, or just one time. Bond requirements can also appear unexpectedly. That's why it pays to know a surety bond provider you can rely on for any and all bonding needs. Count on Viking Bond Service to help you satisfy every surety bond requirement in Virginia.

How To Get Bonded In Virginia

Finding a surety bond in Virginia is a simple process when you use an experienced bonding company like Viking Bond Service. Our knowledge of bonding requirements in Virginia has enabled us to create a quick and easy bonding process that gets you the bond you need when you need it. We offer three ways to apply for common commercial bonds: online, on the phone, or via email.

For contract bonds, our licensed contract bond agents can guide you through the process of getting the correct bond for your specific contract. All surety bond requests require an application and credit check. In some cases, additional documentation may be required as well such as business financials and history. Once all of the information is submitted, approved and the premium paid in full, the surety will issue your bond.

The Cost Of Surety Bonds In Virginia

The cost of a surety bond in Virginia is calculated on an individual basis. Many factors are used to determine your bond quote, and two of the main factors include the bond amount and bond type. In addition, the underwriter will also look at your personal credit history, business experience, and business financials to calculate your bond premium. The price is based on the perceived risk to the surety of issuing your surety bond. If you have a strong personal credit history and many years of business experience, your bond will be deemed to be lower risk and the premium will be lower. If you have a poor credit history, however, you can expect to pay a higher premium. The team at Viking Bond Service has experience helping people of all credit scores obtain the required surety bonds for the best terms.

Common Surety Bonds In Virginia

Viking Bond Service can help you secure all types of bonds in Virginia. Commercial bonds may be required as part of business licensing applications for companies that operate in Virginia. They are also commonly known as license and permit bonds. Some of the common license bonds include mortgage broker bonds, lottery bonds, and auto dealer bonds.

Contract bonds are used to secure contracts in Virginia. They are frequently used in the construction industry as a way to protect parties involved in a construction contract. If the terms of the contract are broken when someone fails to provide the services, or goods as outlined in the contract terms, the wronged party can claim compensation from the surety bond. Bid bonds, payment bonds, performance bonds, and maintenance bonds are all types of contract bonds in Virginia.

Another common surety bond in Virginia is a court bond. These bonds may be required of either the plaintiff or the defendant in civil trials and some criminal trials as well. The bond requires the principal to abide by any court judgment. Examples include executor bonds or release of lien bonds.

A fidelity bond is another type of surety bond available. Unlike the other examples here, fidelity bonds are not mandatory. Sometimes called a "policy," businesses choose to obtain these bonds to protect against a common risk – employees who cause damages to either the business or its customers. A type of fidelity bond a business owner might consider getting is a business services bond. Or, in more specialized industries, you can get protection via a financial institution bond or a janitorial services bond. Entrepreneurs gain peace of mind with the protection of a fidelity bond.

Do You Need to Renew Surety Bonds in Virginia?

Most commercial bonds eventually need to be renewed since the principal must have an active bond to keep an active business or professional license. Loss of bond coverage, because of an expired bond or another issue, could jeopardize one's right to work legally. The surety will provide advance notice of the bond renewal.

The renewal process involves another credit check, which will determine the next premium price – it could go up or down based on credit changes. The principal must pay the renewal premium to activate coverage for another term, usually 12 months, and make sure to budget for the renewal premium in the months prior.

Virginia Surety Bonds By Viking Bond Service

Viking Bond Service offers friendly and efficient service to help your business find an affordable surety bond in Virginia. Call 1-888-2-SURETY (1-888-278-7389) with questions, or contact us in writing. Use our online application form to get a quote within 24 hours!

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