Contractor Bonds
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Contractor’s License Bond
There is various types ofbonds, and licence bonds. The most common bonds are the Contractor Licence / Permit bonds needed to get a Licence in your State. Unlike other types of contractor insurance, bonds are designed to guarantee contractor integrity, quality performance, and financial responsibility. Bonds also ensure compliance with a contract and especially laws formatted by the state in which operation is undergone.
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For any business intending to insure an active license, reactivation of a license or for the maintenance of an actively renewed license must obtain a contractor’s bond. A contractor’s bond must be filed with the state department of insurance in the state which issued the business license for a particular business through a licensed surety company. The contractor’s bond is filed and designed for the protection of the consumer who may potentially be damaged as a result of defective construction or any unforeseen license violations, and to protect employees from loss of wages due for work completed.
The California Department of insurance lists the requirements for a contractor’s bond as such:
- The bond must be written by a surety company licensed through the California Department of Insurance.
- The bond must be in the amount of $15,000
- The business name and license number on the bond must correspond exactly with the business name and license number on the California State License Board’s records.
- The bond must have the signature of the attorney-in-fact for the surety company.
- The bond must be written on a form approved by the Attorney General’s Office.
- The bond must be received at the California State License Board’s Headquarters Office within 90 days of the effective date of the bond.
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