Category Archives: Surety Bonds

California Contractors Bond Update for 2023

Contractor working in California with a surety bond

Effective January 1, 2023, contractor license bonds, qualifying individual bonds, and disciplinary bonds for all licensed contractors in the State of California will increase to $25,000. This announcement was first publicized in 2021 as a result of Senate Bill 607. The contractor license bond will increase from $15,000 to $25,000, and qualifying individual bonds will […]

Should a Subcontractor Obtain a Bond Program?

Bonded subcontractor shaking hands with a general contractor onsite

Several variables determine whether a construction project ends up being successful. One of the most important factors is the subcontractor’s performance. There’s no secret to that statement, which is why we’re seeing the number of subcontractors requiring bonds increase. Bonds Can Increase a Subcontractor’s Chances for Success Whether it’s the project owner, general contractor, bank, […]

Connecticut DMV Requires Bond Increases for Vehicle Dealers

Vehicle dealers sealing the deal in Connecticut

Effective July 1, 2022, the Connecticut Department of Motor Vehicles (DMV) requires the following businesses to increase their current license bonds. Vehicle repair shops Motor vehicle dealers (new and used) Leasing and rental entities  A license bond is required of applicants in various industries to meet state requirements to obtain a business license. In this […]

Oklahoma Grants New Freedoms to Marijuana Users and Growers in 2022

Seed Cannabis Co. with an Oklahoma marijuana bond

Various bills have recently been filed in Oklahoma regarding the production, use, and regulation of cannabis. Lawmakers are proposing many changes to the state’s marijuana industry, including a $25,000 bond requirement – regulated by the Oklahoma Medical Marijuana Authority (OMMA).  The state is also considering adding marijuana rights to the Constitution. During the 2022 November […]

What is an SBA-Guaranteed Surety Bond?

Small business partners excited about their SBA bonds

SBA bonds are surety bonds guaranteed by the Small Business Administration. Today we’ll take a deep dive into SBA bonds to help you understand what they are and if they’re suitable for your project. The Basics of Surety Bonds Contractors and construction companies often utilize surety bonds. A surety bond is a three-party agreement guaranteeing […]

What Does Bond Approval Mean? And What to Do After

Contractor getting bond approval with a surety company

After the underwriting process is complete and you’ve been informed of the good news – an approval on your bond request – you may be wondering what to do next. Here’s how the process generally works. The Bond Approval Process A bond approval means you have passed the bond underwriting process and met or exceeded […]

Regulations Around Surety and Insurance

working on surety regulations for construction job

Understanding Surety Bonds We’ve already done an in-depth explanation of what surety bonds are, but we’ll sum it up briefly. A surety bond is a three-party agreement, a written contract between the principal, the obligee, and the surety. The document is issued by a surety and legally compels the principal to fulfill contractual services or […]