There are many different types of surety bonds and they are issued in different amounts. You might require something as small as a $1000 Lost Instrument Bond or something as large as a $125 million Construction Performance Bond (or even higher). There are several factors that are considered when getting an exact rate for a particular bond. The quickest way to get an exact rate for the bond you need is to call our surety bond coordinator at 800-314-7003.
State Based Regulatory Factors
Every state has their own regulations that surety companies nationwide must follow. The different regulations can make a difference for the same bond purchased in different states. We are licensed in ALL 50 States and can serve your needs anywhere in the US.
Surety Bond Type Factor
Surety Bonds guarantee performance. Generally it is a contractual duty or the duty of maintaining industry and ethical standards when getting various licenses and permits. Different activities carry different risks as determined by the Surety Company and its underwriters. This is why different bonds have different rates.
Financial Credentials Factor
Except for freely issued surety bonds, the most important factor is personal credit and financial position. The larger the bond, the more information is required to get it underwritten and that’s where we come in. We help you gather together all the necessary information as painlessly as possible!
Standard and Substandard Surety Bond Ratings
There are two types of surety bond ratings, the first being standard which requires the principal have clean credit history, be in good financial standing, have a good business history, provide all required underwriting information, and signs a general indemnity agreement on behalf of their business, as well as personal indemnity. Standard rates can range from .75-4% depending on all the rating factors.
The second type of surety bond rating is substandard, which requires us to use special markets to assist in providing bonds for individuals and/or businesses that have less than perfect credit. Rates are determined by the same underwriting information needed for a standard rating but the rates can range from 3-25%. We have several markets to assist our clients in this situation. Please call us at 800-314-7003. We are here to help!
We Have Special Programs for People with Credit Issues
We understand the past few years have been devastating for both individuals and companies. We have special programs available to assist people with credit challenges to get the surety bonds they need. With our Bad Credit Programs we can help nearly 100% of applicants get bonded. Please contact our surety bond specialists at 800-314-7003 and get bonded today!