Colorado
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At its core, a Colorado surety bond is insurance.
There are three parties involved in the bonding process.
- Principal: The person/business (you) who is required to post the bond.
- Obligee: The government agency or person that requires the principal (you) to be bonded
- Surety: The institution that guarantees the obligee that the principal is bonded.
Bonds can be likened to credit as well as insurance. They assure the obligee that you will hold up your end of the deal and protect them from damages if you don't.
If you're an individual or business in Colorado, sureties may be required for you to work on a contract with a government agency or other entity that requires you or your business to be "licensed and bonded."
Common Colorado Surety Bonds
At its core, a Colorado surety bond is insurance.
There are three parties involved in the bonding process.
- Principal: The person/business (you) who is required to post the bond.
- Obligee: The government agency or person that requires the principal (you) to be bonded
- Surety: The institution that guarantees the obligee that the principal is bonded.
Bonds can be likened to credit as well as insurance. They assure the obligee that you will hold up your end of the deal and protect them from damages if you don't.
If you're an individual or business in Colorado, sureties may be required for you to work on a contract with a government agency or other entity that requires you or your business to be "licensed and bonded."
Common Colorado Surety Bonds
Contractors Bond
Auto Dealer Bond
Notary Bond
Collection Agency Bond
Mortgage Bond
Public Adjuster Bond
How do I purchase a Colorado surety bond?
NFP, the nation's largest and most reliable surety company, is authorized to issue many different types of surety bonds in Colorado. We can provide the best rates for your bond, as well as the fastest issuance, to get your business off and running.
Our short online application makes it easy. Click below to start the application process today.
Colorado Surety Bond FAQs
If you're obtaining a business license or permit, or working as a contractor on public projects, you may be required to secure a surety bond.
Colorado offers various bonds, including contract bonds, license and permit bonds, and commercial bonds, depending on the industry.
Surety solutions work as a type of insurance to the individual or agency that you are working for. For instance, you're a contractor and you've been awarded a government contract to build a building. The agency awarding you the contract requires that you be bonded to ensure you will fulfill your contractual obligations. If you default on the contract, the surety pays the obligee (the agency you're working for). While the surety will pay the obligee on a claim, you are still responsible as the principal to pay the surety back.
Sureties also work as a type of credit for the principal. Financially, it is better for your business to have surety credit than it is for you to post cash directly to an obligee. When you get a bond, you are only required to pay a percentage of the bond amount versus handing over a large amount of cash to an obligee.
You also have the benefit of the surety claims professionals who work for the surety. These professionals will help ensure that you don't become the victim of a false claim and can help provide a resolution in the case of a real claim. Because you sign an indemnity agreement when you receive a bond, the bond company works on your behalf and protects your rights.
Costs vary based on the bond type and the applicant’s financial standing. Some bonds require a percentage of the total bond amount as a premium.
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