Surety Bond in Wyoming
In a hard-working state like Wyoming, surety bond requirements are common. If you need a surety bond to start a career, finalize a project, or build a bond of trust, this guide is for you.
How Does a Wyoming Surety Bond Work?
There are three parties involved with all surety bond types:
- Principal – The person who obtains the surety bond and accepts financial liability for claims.
- Obligee – The party that files claims against the bond seeking compensation for damages caused by the principal.
- Surety – The company that issues and backs a Wyoming surety bond. The surety guarantees the obligee payment for valid claims. Upon payment, however, the principal must compensate the surety with interest and fees added to the debt.
What is the Point of Surety Bonds in Wyoming?
All the various types of surety bonds serve the same purpose – holding someone accountable for misconduct. By creating a mechanism that forces people to pay for illegal, unethical, or non-compliant behaviors, surety bonds incentivize people to act in upstanding ways.
Surety bonds also create a mechanism through which anyone harmed by misconduct can get compensation equal to the damages caused. People could go through the courts system to receive compensation, but surety bonds move much faster. Surety bonds have shown themselves to be an effective regulatory tool and a meaningful path to justice. That's why so many different agreements throughout Wyoming and beyond involve a surety bond requirement.
Types of Surety Bonds in Wyoming
Most surety bonds fall into one of these four categories
- Commercial – Businesses and professionals often need commercial bonds to meet licensing requirements.
- Contract – A bond that's required to finalize a contract. Contract bonds hold the principal, often a contractor or construction company, liable if they don't meet the contract terms.
- Court – A plaintiff or defendant may need a court bond before legal proceedings can move forward.
- Fidelity – Obtained voluntarily, fidelity bonds protect businesses and their customers from misconduct committed by employees.
Who Needs a Wyoming Surety Bond?
More people require surety bonds than you might expect. Some professionals (i.e. contractors) need to keep one bond active and in good standing their whole career. Other professionals will need to get new bonds, often multiple bonds, for each new project they start. Anytime that one party needs to establish trust in another, surety bonds may be involved. Therefore, it pays for everyone in Wyoming to know a bond company that can help with anything and everything. Make Viking Bond Service the partner you rely on whenever you need surety bonds in Wyoming.
How to Get a Surety Bond in Wyoming
Getting a surety bond involves going through an application process. That will include:
- Filling out a bond application form.
- Submitting to a credit check.
- Providing a copy of the exact bond requirements.
- Turning over any other documentation the surety requests.
The surety will quote a price based on the application materials. Pay the price to activate the bond and receive a document proving bond coverage.
The Cost of Surety Bonds in Wyoming
The cost of a surety bond depends first on the size of the bond, meaning the maximum amount the surety agrees to pay in settlements. Bond costs are a small percentage of the bond size. What percentage exactly depends on the applicant's credit. Better credit leads to lower bond prices. Take advantage of the bad credit surety bond program at Viking Bond Service, which helps more people get approved for bonds at fair rates even if they have imperfect credit.
Do You Need to Renew Wyoming Surety Bonds?
Most commercial bonds require renewal, often once a year. The surety will reassess credit during the renewal process, then raise or lower the bond cost based on credit changes. It's important to keep bonds renewed and otherwise in good standing because any lapse in bond coverage may invalidate a professional license.
Viking Bond Service – Your Surety Bond Partner
At Viking Bond Service, we help people in all 50 states meet their surety bond requirements. That includes people all across the Cowboy State who need bonds of all types and all sizes. Bottom line: if you need a Wyoming surety bond (or any state bond for that matter), Viking Bond Service is your one-stop source. Request a quote at any time, and you will have a number within 24 hours in most cases. Request more information about anything by contacting us or by calling 1-888-2-SURETY (1-888-278-7389).
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