Ohio Surety Bonds
WHICH SURETY BONDS IN Ohio DO YOU NEED?
There are three types of Ohio 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 bonds
There are hundreds of Ohio Surety Bonds required by the state, cities, counties and so on. Simply apply online and 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. If you do not find your bond on the drop down, you may select the General Business License and provide additional information in the space provided.
Getting contract bonds for public jobs
Contract bonds such as bid and performance bonds are needed to work on public construction projects. However, these are usually required by cities or municipalities as opposed to the state of Ohio.
Getting court bonds in Ohio
“Court bond” is a general term for a variety of surety bonds which are often needed in court proceedings to guarantee protection from financial loss to obligees.The two most common scenarios requiring a court bond are the appeal of a court’s judgment by a litigant, or the appointment of a fiduciary by a probate court. The former requires litigants to obtain an appeal bond, the latter requires fiduciaries to obtain a fiduciary bond.
What Do Ohio 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.
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.
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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
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.