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Popular Surety Bonds in Louisiana
Contractor License Surety Bonds
Contractors and subcontractors must obtain a bond to work on projects in various cities and counties. Bond amounts vary according to contractor type and project location.
Private Employment Service Bond
The Louisiana Office of Labor requires those offering private employment services to post a bond for every licensed office. The bond amount is $5,000, and the cost is $100 per year.
Appraisal Management Company Bond
An AMC bond ensures that appraisal management companies follow state and federal laws for their profession. You may need a $20,000 bond to obtain your state license in Louisiana.
Louisiana Residential Mortgage Lender Bond
To become licensed as a residential mortgage lender in the state, you must post a $25,000 or $50,000 surety bond.
Louisiana Notary Bond
To become a notary public in Louisiana, you must purchase a five-year bond. This $10,000 bond costs $100 every five years.
Motor Fuel Tax Bond
You may need a motor fuel tax bond to operate as an interstate motor fuel user, blender, distributor, importer, exporter, supplier, special fuel fleet dealer, or terminal operator.
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What is a surety bond?
Surety bonds protect individuals and governments from financial loss, malpractice, and fraud. If a principal fails to fulfill their contractual obligation, the surety must pay the obligee a specific amount. The principal is then responsible for paying the surety back for any claims made on the bond.
When the principal fails to fulfill their promise, the obligee can file a claim on the bond to recover their losses. The surety will investigate the claim to see if it’s valid. If it is, the surety company will pay the obligee, and the principal will then owe the surety company for that amount.
How much do Louisiana surety bonds cost?
The cost of a bond can vary based on a few different factors, including the type of bond, the amount required, your credit score and finances. Your bond premium will be a small percentage of the total bond amount – typically 1-10%.
Generally, the stronger your credit score, the lower your rate will be. In some cases, however, we do not need to run your credit. Those bonds can be issued instantly at a flat rate.
How do I know which bond I need in Louisiana?
Businesses, contractors, and other professionals will need surety bonds to operate legally in Louisiana. Many professions that require state, county, or city licenses to work or practice will also require surety bonds.
Here are some examples:
- You may need construction bonds to work as a contractor.
- You may need a license or permit bond to operate a professional business.
- Or you may need a court bond to fulfill your duties as a fiduciary.
Call ZipBonds to Get Bonded in a Flash
We’ll help you find the bond you need, complete the application, and be off and running. Call us at (888) 435-4191, or email support@zipbonds.com. We also have live chat on our website during regular business hours. Reach out any time!
About ZipBonds.com
Founders Ryan Swalve and Zach Mefferd formed the vision for ZipBonds.com when they realized how overly complicated it was to help clients place surety. The frustration of being unable to incorporate the technology they’d used in other insurance-focused projects left them thinking “there has to be a better way.”
Fast forward a couple of years, and that better way is the impetus of everything we do at ZipBonds. We constantly look for innovative ways to improve the bonding process for our clients and agents. Our team comprises individuals who understand all angles of surety – for companies, agencies, and individuals. Incorporating everyone’s point of view to improve the process while simultaneously integrating cutting-edge technology is what sets our business apart.