Surety Bonds in West Virginia
Obtaining a surety bond in West Virginia is a necessity for many businesses and workers in a variety of industries. If you need to know how to get one and meet the state's conditions to get a bond, Viking Bond Service is here to help. This page has all the information you need to meet West Virginia surety bond requirements.
How Do Surety Bonds in West Virginia Work?
The purpose of all different surety bond types is to hold one party (the principal) liable for damages they cause to another party (the obligee). If the principal does something illegal, unethical, or in breach of contract, the obligee may file a claim against the surety bond and seek compensation equal to any financial losses.
At that point, the company that issues the bond (the surety) will investigate the claim. If it's valid, the principal must pay for it in full. However, if the principal can't or won't pay, the surety agrees to pay the obligee a full settlement, guaranteed.
Since the principal has liability for all claims, however, they must repay the surety for any settlement with the addition of interest and fees. Failure to repay the surety could lead to legal action and make it much harder to secure a bond in the future.
Types of Surety Bonds in West Virginia
The four main types of West Virginia surety bonds are:
- Commercial – Surety bonds required to get a business or professional license.
- Contract – Surety bonds required as part of a contractual agreement.
- Court – Surety bonds required by a judge.
- Fidelity – Surety bonds that protect businesses against employee misconduct – they are voluntary, not mandatory.
Who Needs Surety Bonds in West Virginia?
Business owners, licensed professionals, and contractors are the most likely to need surety bonds – but they are not the only ones. West Virginia surety bond requirements can apply to anyone and come up unexpectedly. Whenever they do, rely on Viking Bond Service for everything from a West Virginia motor vehicle dealer bond to a West Virginia wage and welfare bond.
How to Get Surety Bonds in West Virginia
The process of getting surety bonds in West Virginia varies, but it can often be as simple as completing a few steps:
- Fill out a standard bond application
- Undergo a credit check
- Supply extra documents (when necessary)
After applying, the surety will quote the cost of the surety bond, known as the premium. Bond coverage starts once the premium is paid.
The Cost of Surety Bonds in West Virginia
Bonds costs are different for everyone. They depend on the type of bond, the amount of bond coverage, and the bond seeker's credit. Most West Virginia bonds cost a small percentage of the coverage amount, but people with bad credit will pay a higher percentage. Take advantage of a special program from Viking Bond Service to help keep those costs in check.
Do You Need to Renew Surety Bonds in West Virginia?
Some bonds require renewal. In particular, commercial bonds must be renewed to keep a commercial license active. Prepare to pay another premium during renewal that could be higher or lower than before based on any credit changes since the last renewal.
Get Surety Bonds in West Virginia From Viking Bond Service
Take the stress, hassle and confusion out of meeting West Virginia surety bond requirements. Request a quote from Viking Bond Service, and expect a response within only 24 hours. We are also happy to answer all your questions - contact us or call 1-888-278-7389 (1-888-2-SURETY).
Getting a Surety Bond is not difficult. Viking can guide you from start to finish. Learn what is involved in the bonding process.
You may still be able to get approved despite challenged credit.
Viking's contract surety bond agents are registered with the SBA and can provide access to the Surety Bond Guarantee program.
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