A Contractor’s License Bond is a License and Permit Bond that is specifically designed to help all types of contractors. Each trade of contractor is required by the state in which they operate to carry a contractor license bond in order to be a licensed contractor, whether it is a plumber, electrician, general contractor or any other contractor. Contractor bonds will assure that the contractor will operate in compliance with all of the local laws and statutes within the state that they are operating. Currently Contractor’s License Bonds are being underwritten similar to other commercial surety bonds. They use a variety of underwriting measures. Both claims on the contractor’s license and personal credit history can be taken into account. In some cases the surety may ask for personal and company financial statements. Though a Contractor’s License Bond is issued by an insurance company, it is not insurance. The insurance company is referred to as a Surety or Bond Company. A license bond is a contract between the surety, principal (contractor), and the oblige (person for whom the contractor is working for) and it provides financial benefit to the obligee on behalf of the principal, ensuring that the award of money damages will be fulfilled in the event of a bond claim. The Contractor’s License Bond is a low risk bond usually and it must be obtained by contractors in order to satisfy their state’s licensure requirements.
With the recent events in the construction and real-estate markets, it is common that those seeking contractor license bonds will have trouble securing a bond due to poor credit. Many contractors are getting their License Bonds cancelled due to pending claims and bad credit. Because we are a bonds only Agency, we have developed several exclusive programs for hard to place and high risk Contractor License Bonds. We specialize in these circumstances and can help you obtain a contractor license bond no matter what your credit history looks like. It is a far too common occurrence in today’s surety market for contractors to get turned away when seeking help with their bond needs. We have a special, proprietary program for hard to place license bonds that allows us to give you the bond you require at an affordable price. With over 30 years of experience and access to a vast array of bond markets, Bonding Solutions can provide any applicant with a contractor’s license bond.
There are a variety of different bonding companies that Bonding Solutions works with to offer you an array of different options. Having that many companies at our disposal allows us the freedom to treat each individual contractor uniquely. Because every contractor’s need is different and a license bond to operate in his/her state is required, offering several options to our contractor’s is one thing that sets Bonding Solutions apart. We know the importance of creating specific bond programs for each of our clients and we are committed to just that!
As previously stated, a contractor’s license bond guarantees that the contractor will operate per the rules and regulations of the state in which they operate. We have the solutions and programs in place to help you secure your license bond and establish a bonding line of credit. At Bonding Solutions you will be guided and advised by bond professionals with experience and expertise. Please fill out our 60 second bond application to obtain your contractor’s license bond.
Our ultimate goal is to provide our customers with an easy, fast, and professional experience, thus ensuring their statisfaction. Our performance is guaranteed!