Delaware
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Delaware surety bonds are regularly used in industries such as construction, insurance and finance.
Due to the important role that bonds play, it is essential to understand what they are and how they work. The bond can become complicated to understand, depending on its specific functions.
Sureties act as an extension of credit to the principal and an insurance policy to the obligee. This is because the obligee can have peace of mind that if the contract is violated, they can make a claim against a bond for any damages they incur.
On the other hand, when the principal has a claim made against them, they don't have to cough up high out-of-pocket expenses to settle the claim. They can have the surety settle the bond, and they will repay them on a later date. Most bonds are issued at only a fraction of the cost to the principal.
Common Delaware Surety Bonds
Delaware surety bonds are regularly used in industries such as construction, insurance and finance.
Due to the important role that bonds play, it is essential to understand what they are and how they work. The bond can become complicated to understand, depending on its specific functions.
Sureties act as an extension of credit to the principal and an insurance policy to the obligee. This is because the obligee can have peace of mind that if the contract is violated, they can make a claim against a bond for any damages they incur.
On the other hand, when the principal has a claim made against them, they don't have to cough up high out-of-pocket expenses to settle the claim. They can have the surety settle the bond, and they will repay them on a later date. Most bonds are issued at only a fraction of the cost to the principal.
Common Delaware Surety Bonds
Contractors Bond
Auto Dealer Bond
Mortgage Bond
Sales Tax Bond
Auctioneer Bond
Private Investigator Bond
How do I purchase a Delaware surety bond?
NFP, the nation's largest and most reliable surety company, is authorized to issue many different types of surety bonds in Delaware. 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.
Delaware Surety Bond FAQs
Contractor license bonds are often mandated at the county and city level, such as New Castle County, Newark and Wilmington. Other types of required contract bonds include:
Typical premium rates are between 1 and 15% of the bond amount, though rates vary. Lower-risk bonds, like license and permit bonds, often are 1 to 3%, while higher-risk bonds, like construction bonds, may have rates up to 10%. Aggregate costs can range from as low as $150 to upwards of several thousand dollars, depending on bond type, amount, and credit.
Yes. Many bond providers offer bonding even to applicants with less-than-ideal credit. License and permit bonds are easier to obtain, often instantly. However, contract bonds may require stronger credit or additional underwriting.
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