License bonds bad credit

Contact Us There are many types of additional commercial bonds that we can handle. Civil Court Bond Application. Business Service Bond Application. If you are not sure which bond to use, contact us. Please Note: We can always get started working on submissions or applications that you have already prepared for other markets.

CCI Surety, Inc. We use different kinds of tools which allow us the freedom to think outside the box with our underwriting strategy. On commercial bond business we handle both standard and non standard business. With our exclusive bad credit programs, we are able to offer quotes with just an annual premium requirement. Does a Contractor License Bond guarantee a specific Contract?

Keep in mind that underwriting criteria is stricter for contract bonds. Will my Contractor License Bond provide coverage for multiple states? You'll need to obtain a separate surety bond for each state that you plan on conducting business in. However, be sure to check with each state during the licensing process as some do not have this particular bond requirement. Over years of combined experience As a surety bond broker, we work for YOU not the surety company. Working with trusted insurance companies.

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. Learn more about surety bonds. Available for all commercial bonds. If you cannot locate your bond type, select general and be sure to give additional information in the space provided later in the application.

This field is for validation purposes and should be left unchanged. Yes No. Below are a few examples of bonds that people commonly need but commonly get turned down for because of bad credit. That's why it pays to partner with a surety bond agency that offers a bad credit surety bond program from the start. Performance bonds guarantee that the bonded party will meet certain performance benchmarks like completing a building project before a certain date or else pay a penalty to the obligee.

Bad credit does not keep someone from getting a performance bond. Commercial bonds hold contractors and business owners accountable if they break local laws or professional norms. Underwriters will want to evaluate your credit along with any business partners, but bad credit and surety bonds are not mutually exclusive.

The cost of obtaining a surety bond with bad credit is generally higher by nature. Surety companies, like other insurance companies with other lines of coverage, generally charge by their calculated risk, so the higher the risk, the higher the premium you pay to induce the surety to take the risk.

In most cases, bad credit surety bonds cost a small percentage of the bond's total value. Keep in mind that the total value of bonds varies widely depending on the type of bond and the state it's issued in. The percentage you pay also varies based on your risk, meaning applicants with bad credit will pay a larger percentage. The good news is that after the first year's premium is paid, principals have the opportunity to begin repairing their credit.

If credit can be repaired, or at least improved adequately by renewal time, the cost of renewal for the bond can be reduced from what was paid for the initial term under worse credit conditions. When you renew, you will submit financial information, much like you did when you first applied for the bond. Underwriters will evaluate that information, determine your creditworthiness, and quote you a new premium price.

Depending on how much your credit has improved, you could save significantly over the year before. And if this trend continues, your bad credit surety becomes just a normal surety bond. At Viking Bond Service, we take a fresh look at each bond file every year prior to renewal. Our in-house renewal department reviews our client's current credit standing to see if the current bond can be remarketed to standard sureties with much lower premiums.

In some cases, we are able to work with our markets to get premiums lowered simply because of the relationships developed between the principal, the agent Viking Bond Service , and the surety. We may, for example, show the surety that Client A has been with us for X many years without any claims history, and we feel that the client does not present a bad risk and is thereby deserving of a lower rate. The surety will investigate all claims thoroughly using whatever resources necessary - lawyers, investigators etc.

Provided that the details of the claim prove true, the surety pays the obligee the amount of the claim up to the total value of the bond. Finally, the surety uses whatever means available to collect the cost of the claim from the principal. That cost may also include the cost of the investigation, interest, and possibly additional fees. Am I bondable with bad credit? The answer is yes, but you need the right partner.

Your best option is to work with a company that offers a bad credit surety bond program. Viking Bond Service is one of those companies, and we are committed to working with anyone who needs a bond regardless of their credit history. As a higher risk, your premium will cost more, but in most cases you will not be denied for the bond you need. Simply fill out our online application as normal. Our underwriters will factor in your credit score when calculating your premium price, but we will also do everything possible to keep costs to a minimum.

Don't assume that bad credit excludes you from surety bonds. You simply need to work with the right company. At Viking Bond Service, we are dedicated to providing efficient and friendly service to streamline processes and ensure your satisfaction with a team of surety bond experts that have over a century of combined industry experience.

We provide bonding using A-rated, Treasury-listed paper. With our proprietary tracking and processing system and a knowledgeable tech team, we can provide a quick turnaround and great service for our customers, ensuring that we can help you apply for a surety bond with bad credit. If you or any of your insured clients are in need of a surety bond and credit is an issue, feel free to contact us for more information about high risk surety bonds by calling or filling out our contact form.

If you would like a free quote for a surety bond, please call us or fill out our online application today. Viking Bond Service does not share or release email addresses, phone numbers or ANY other personal information to unauthorized third parties.

Information is used for underwriting purposes only. View our Privacy Policy. Viking's contract surety bond agents are registered with the SBA and can provide access to the Surety Bond Guarantee program. A Medicare Bond is required of some durable medical equipment suppliers who accept Medicare payments. Learn more and get a quote here. Avoid the cost and hassle of replacing a fraudulent surety bond.

Learn how to check and verify your bond. Cost of a Surety Bond.