Washington, DC
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Surety bonds in Washington, DC are usually required of individuals and companies in construction, auto sales and real estate. They are especially crucial for any contractor working on a project for the federal or state government.
Even though there are several different types of bonds that each serve different purposes, nearly all of them operate in roughly the same way. A surety works as insurance to an obligee, even though it is the principal who must purchase it. If a principal fails to fulfill their obligations to an obligee, the obligee can file a claim against the bond.
Should this claim prove to be valid, the surety who sold the bond to the principal would reimburse the obligee according to the bond's terms. Meanwhile, the principal would be responsible for reimbursing the underwriters of the bond for any funds that were paid out as part of the claim.
Common Washington, DC Surety Bonds
Surety bonds in Washington, DC are usually required of individuals and companies in construction, auto sales and real estate. They are especially crucial for any contractor working on a project for the federal or state government.
Even though there are several different types of bonds that each serve different purposes, nearly all of them operate in roughly the same way. A surety works as insurance to an obligee, even though it is the principal who must purchase it. If a principal fails to fulfill their obligations to an obligee, the obligee can file a claim against the bond.
Should this claim prove to be valid, the surety who sold the bond to the principal would reimburse the obligee according to the bond's terms. Meanwhile, the principal would be responsible for reimbursing the underwriters of the bond for any funds that were paid out as part of the claim.
Common Washington, DC Surety Bonds
Contractors Bond
Auto Dealer Bond
Mortgage Bond
Money Transmitter Bond
Private Investigator Bond
License and Permit Bond
How do I purchase a Washington, DC surety bond?
NFP, the nation's largest and most reliable surety company, is authorized to issue many different types of surety bonds in Washington, DC. 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.
Washington, DC Surety Bond FAQs
A surety bond is a type of insurance policy that guarantees an individual or a business will fulfill any obligations that they may have to a client. It is essentially an agreement between three parties: a principal, an obligee and a surety.
The principal is the party that obtains the bond, such as a construction contractor or an automobile salesperson. The obligee is the principal's client, or the one that the bond is meant to protect. Finally, the surety is the one who sells the bond to the principal. The surety is also the one responsible for reimbursing the obligee should the principal fail to fulfill their obligations.
Most Washington, DC surety bonds are written for contractors in the construction industry, especially those involved in government and public works projects. They are also required of construction projects that have a cost of over $100,000, and commercial bonds are required of professionals within the real estate industry and for anybody who is selling a certain number of new or used cars for licensing purposes.
Having a bond in place acts as a guarantee that any services required of a contractor or business professional will be carried out faithfully. They are usually required by law, but even when they are not, simply having one can represent a show of good faith by a principal. Simply put, they show a client that your business is legitimate and trustworthy, which is very valuable in itself.
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