Who needs an electrical contractors statement of bonding ability?
All electrical contractors in North Carolina must acquire a one-year term surety bond to gain licensure in the state. The bond amount is set according to the contractor type (intermediate or unlimited):
- Intermediate: $50,000 bond
- Unlimited: $150,000 bond
Other requirements for licensure include:
- Completing the license application
- Having at least one qualified individual employed
- Passing the State Board of Examiners electrical examination
- Providing a written agreement to the Board about adding or losing employees within five days
- Passing a criminal background check
- Paying the license fee ($140 for intermediate, $200 for unlimited)
If you’re confused about any part of the bonding process, call ZipBonds at (888) 435-4191. One of our agents will be more than happy to help! You can also visit our page covering contractor license bonds in North Carolina for statewide information.
Get Your Electrical Contractor Bond:
How does an electrical contractors statement of bonding ability work?
An electrical contractors statement of bonding ability guarantees that contractors fulfill all client obligations. By signing the bond, contractors agree to abide by the standards and regulations of the obligee (State of North Carolina). Clients can file a claim if the contractor’s work fails to meet any part of the agreement.
Frequently Asked Questions
The initial bond lasts for one year. If your work continues past one year, you must renew it to remain in good standing. Keep in mind that your license and permit must also stay updated.
Often, one license bond per contractor is required. However, there are some cases where multiple bonds will be necessary to fulfill local and state requirements. Read your specific requirements carefully to ensure compliance.
Apply for Your Electrical Contractors Statement of Bonding Ability in North Carolina
ZipBonds offers the fastest and most secure option for getting bonded. Our all-digital platform is intuitive and straightforward. Apply online, email firstname.lastname@example.org 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.