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Surety Bonds in Washington

Surety Bonds in Washington

The Viking Bond team is composed of knowledgeable and friendly bond agents who can help you secure the right surety bond. Our many years of experience combined with our excellent customer service have made us one of the leading surety bond companies in Washington and across the United States.

We understand how important it is to find an affordable bond and have worked with many business owners to get them the bond they need to keep their business trading. Choose Viking Bond Service for all of your surety bond needs in Washington.

How Does a Surety Bond In Washington State Work?

There are many different types of surety bonds, but they all work in much the same way. Three parties are always involved:

  • Principal – The person in Washington State who is required to get the bond. The principal accepts financial liability for all valid claims filed against the surety bond.
  • Obligee – The party that requires the surety bond. The obligee has the right to file a claim against the surety bond for damages caused by the principal.
  • Surety – The agency that bonds the principal and guarantees payment to the obligee. The surety will always settle valid claims, but they will expect the principal to repay that debt (with interest and fees) or have it sent to collections.

Why Do Washington State Surety Bond Requirements Exist?

Thousands of people in Washington State are subject to bond requirements. They're so common because bonds are an effective way to manage risk, establish trust, and enforce accountability. Every kind of surety bond does three important things:

  • Hold the principal accountable for misconduct that results in financial losses for their business partners or for the public at large. Surety bonds incentivize legal, ethical behavior by making someone financially liable for anything less.
  • Give the obligee a way to recoup losses caused by the principal. There may be other ways to pursue justice and compensation through the legal system, but surety bonds make the process simple and the settlement guaranteed.
  • Washington State surety bond requirements keep unscrupulous individuals from opening or operating businesses throughout the state. If someone is able to obtain a bond and keep it in good standing, it suggests to regulators and customers that they're a trustworthy professional, an upstanding business, or a dependable individual.

Who Needs a Surety Bond in Washington State?

Almost anyone may need a surety bond at some point. If you plan to start a business or pursue a career that requires a professional license, there's a good chance you will need to obtain surety bonds and keep them active at all times. If you're a contractor or construction company, prepare to get multiple different bonds as part of every contract you sign. People going through the courts system, especially a civil trial, may need surety bonds.

In these and all other instances, it's important to meet surety bond requirements as soon as they present themselves. Contact Viking Bond Service for quotes, information, assistance: everything you need.

How to Get a Surety Bond in Washington State

Washington surety bonds are obtained through licensed Washington bonding companies like Viking Bond Service. We've used our years of experience to develop a quick and easy bond application process that connects you with the bond you need when you need it. Most commercial bonds can be applied for using our simple online application form. Contract performance bonds require a more detailed application that can be completed by one of our agents on the phone. We aim to provide a bond quote on the same day that the bond application is submitted and the underwriting process can generally be completed very quickly once the application is complete and the premium paid.

The Cost of Washington Surety Bonds

There are many factors that can influence the cost of a surety bond in Washington State. Unsurprisingly, two of the major determining factors are bond type and bond amount. However, many people are surprised to learn that their credit score and businesses financial records also play a key role in calculating the bond premium. This information is used to calculate the financial strength of your company and assess the likelihood that a bond will be claimed against. People with strong financials will pay lower premiums. Viking Bond Service can help people with all credit scores, even low ones, secure the security bond their business needs!

Common Washington Surety Bonds

Washington surety bonds fall into two main areas, these are commercial bonds and contract performance bonds. There are many common types of bonds within these categories. The agents at Viking Bond are experts in securing all types of bonds.

Commercial bonds are often required by the state in order for a business to operate legally. Common commercial bonds include liquor license bonds, auto dealer bonds, and mortgage broker bonds. If your business needs one of these or any other type of commercial bond our agents can help!

The construction industry is one of the areas where contract performance bonds are commonly used. These bonds provide a form of guarantee for contracts; if the contract terms are not completed satisfactorily the bond may be claimed against for financial recompense. Viking Bond can help you acquire any of the four types of contract performance bonds. Call today for all of you bid bond, payment bond, maintenance bond, or performance bond needs.

Washington Surety Bonds by Viking Bond Service

Viking Bond Service offers an affordable, efficient, and friendly bond service. Call, email, or apply online to get a premium quote within 24 hours.

Request a Surety Bond Quote:

If you need a bond now, complete our online application at your convenience. If you need information or have questions, please contact us or call 1-888-2-SURETY (1-888-278-7389) to speak directly with a Washington State surety bond expert.

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