Who needs a contractor’s bond in Lake Alfred?
The City of Lake Alfred, Florida, requires a $5,000 contractor’s license bond for contractors working in the city. This is an overarching requirement for all contractor license types, but you can contact us directly for more information if you’re a specialty contractor and unsure if this applies to you.
This bond is an additional requirement to the Florida contractor license bond requirement. All construction contractors with a credit score of 660 or lower must obtain a bond.
Get Your Lake Alfred Contractor’s License Bond:
How does a contractor license bond work?
A contractor license bond ensures a contractor will comply with all applicable city ordinances of Lake Alfred. The contractor is the principal entering the agreement with the obligee (City of Lake Alfred) and the surety. The surety company may reimburse clients for valid claims arising from the contractor breaking their surety contract.
When someone files a claim against your bond, the surety investigates the claim to determine its legitimacy. If they find that you completed work later than agreed, your work lacks quality, etc., the claim may be approved. The surety will pay the claimant for the damages, up to the full bond amount. You will be held liable for paying this amount back to the surety.
You do not need to pay the full $5,000 for your bond. Instead, a premium is required, which is a small percentage of the bond amount. ZipBonds can quickly issue contractor license bonds, often for as low as $100.
Apply for Your Contractor’s Bond in Lake Alfred, Florida
ZipBonds offers the fastest and most secure option for getting bonded. Our all-digital platform is intuitive and straightforward. Apply online, email email@example.com or call 888.435.4191 to speak with an agent directly.
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.