The Surety Bond Application Process Explained

Once you’ve determined you need a surety bond to conduct business in the Youngsville, NC area, you can get started on the surety bond application process. Fortunately, the process is quite easy and involves a few simple steps.

Here’s what you need to do: 

Figure out the bond type and amount

The three most common types of bonds in North Carolina are bid, performance, and payment bonds. But no matter the type of bond, you can expect the cost of your surety bond to be somewhere between 1% and 5% of the total bond amount. 

Collect information required for the application

This includes your business name, license number (if applicable), address, and owner information. 

Obtain your free no-obligation quote through Holmes Insurance Services

Opting to work with our surety bond experts means choosing professionals who have your best interests at heart and offer competitive rates. 

Purchase your bond

By working with one of our surety experts, you’re working with professionals who are fast and efficient and keep your information secure. Although the amount of time it takes to receive your bond after purchase depends on different factors, such as the type of bond, you can generally expect to get it within three days. 

File the surety bond

You’ll have to get in touch with the obligee to determine if they need a digital or raised seal. Once that part is out of the way, you can sign your bond as the principal before submitting it to the obligee. After that, you’re all set! 

Give Us A Call

As you can see, the surety bond application process is quite simple and painless. And, with the help of our surety bond professionals at Holmes Insurance Services, we can make the process even easier for you. Serving the Youngsville, NC area, our surety experts can help you with all your surety bond and insurance needs. Contact an agent now to get a free no-obligation quote. 

Surety Bonds Insurance Explained

Holmes Insurance Services provides coverage to the Youngsville, NC community. We offer our clients multiple policies so that they are protected in any situation. We want to help our clients live comfortably.

Surety Bonds Insurance Explained

Surety bonds are a legal contract between the guarantor, obligee, and principal. You would be considered the principal while the guarantor insures you. Surety bonds are protection if your Youngsville, NC business is unable to perform a service. You can tailor the surety bonds to meet your individual needs. There are several types of surety bonds. Bid bonds protect the owner in the event that the project does not meet the standards outlined in the contract. Performance bonds insure the contract owner against a possible default.

As a business owner, you can also look into commercial surety bonds. Commercial bonds may be required by a state or federal government in order to complete a project. This ensures that the project adheres to the regulation. If you are a lawyer, you can inquire about judicial bonds that help make sure that the judicial proceedings run smoothly. Notary bonds are another option, as they can protect the public if a notary does not adhere to the procedures outlined in the contract.

While researching surety bond insurance, remember that there are different requirements based on the city, country, or state that you are trying to get a surety bond in. You have to be aware of what the obligee is requiring from you before making a decision. Surety bonds are essential for completing transactions. 

Holmes Insurance Services Will Guide You Through The Process

Visit our website to learn more information about surety bonds insurance.