District Of Columbia Surety Bonds
WHICH SURETY BONDS IN District Of Columbia DO YOU NEED?
There are three types of surety bonds that can be required of you:
- License bonds needed for many professions such as auto dealers and contractors to operate legally.
- Contract bonds for public construction projects such as Bid Bond and Performance and Payment Bonds
- Court bonds required by the courts for various purposes such as Fiduciary and Appeal bonds with exception to Bail Bonds.
Getting License and permit bondsDistrict of Columbia requires license and permit bonds in order to get and file licenses/permits for many different professions. Please be specific as you can when applying for this type of bond so that we may quote your bond request as quickly and efficiently as possible.
What Do District Of Columbia Surety Bonds Cost?Surety bond costs vary drastically depending on the bond amount that you need and your rate (which is the percentage of the full bond amount you must pay). In most cases personal credit has a major bearing on the rate provided by the surety company. Surety companies use this because obtaining a surety bond is much like getting a bank loan. You are asking the surety company to financially back you and guarantee that you will perform according to rules and regulation. In the event that you do not and a claim is made to your bond – you will indemnify the surety company.
Can You Get Bonded with Bad Credit?It’s possible to get a surety bond with bad credit, but it will depend on the bond type you need and how severe your credit issues are. You can get approved for most license and permit bonds regardless of your credit situation. However, it is more difficult to get contract bonds with bad credit.
Three party agreement
Surety Bond Definition: The definition of a surety bond is as follows: A surety bond is a binding agreement between three parties. This agreement sets forth a financial guarantee by one party ( “surety” ) to another party ( “obligee” ) that a third party ( “principal” ) will fulfill required obligations to the obligee, and that state, federal, and local laws and applicable regulations will be adhered to. Let’s examine each of the three parties.Learn more about surety bonds
Getting Bonded is as Easy as 1-2-3!
You can fill out our free online application in just 5 minutes.
We’ll send you a quote through email or give you a call.
We offer several secure payment options.
Working with trusted insurance companies
Bad Credit – Fast Approvals – Lowest Rates Available.
- Credit below 650 and/or have blemishes on credit report.
- Average cost is 5-15% of the bond amount.
- Available for all commercial bonds.
Why does credit matter? Applying for a surety bond is similar to applying for a loan. You are asking a surety company to back you financially. Reviewing credit is the best method for the surety to understand their risk. All sureties review credit as a view only and should have no effect on your credit score. While it is true that bad credit makes it harder to obtain a competitive quote, we are committed to making sure all of our customers have access to the best possible rates. While we can’t guarantee that we can provide a bond for the most extreme bad credit situations, we strive to make sure no stone is unturned! In other words, if you are insurable, we will get it written. Contact us today and let us put together an online quote for you that will exceed your expectations.
Over 125 years of combined experience
As a surety bond broker, we work for YOU not the surety company. We are licensed nationwide and appointed by 25 surety companies so that we are able to offer the best solution for all surety bond needs. We are a small organization that strives to make you feel like part of our family.