Louisiana
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Louisiana surety bonds are issued across many different industries to protect consumers against damages and businesses against costly claims from their customers.
A surety agreement is a contract between three parties. It is commonly used when a person or business is seeking a service from another entity. In such a case, the service recipient may need to be guaranteed that the service they are seeking from the service provider will be performed to the requirements stipulated in the contract. In the event that the service provider fails to fulfill the services agreed upon, the recipient of the service can seek to be compensated for any damages that they incurred.
The recipient of the service is referred to as the obligee, and the service provider is the principal. When an obligee enters into a contract with the principal for the provision of a particular service, the obligee may request a bond from the principal as an assurance that the service will be delivered as agreed upon. The principal will therefore obtain the bond from a third party- the surety. The surety is an insurance company that issues bonds to principals and pledges to honor claims that are made against the bond by an obligee.
Common Louisiana Surety Bonds
Louisiana surety bonds are issued across many different industries to protect consumers against damages and businesses against costly claims from their customers.
A surety agreement is a contract between three parties. It is commonly used when a person or business is seeking a service from another entity. In such a case, the service recipient may need to be guaranteed that the service they are seeking from the service provider will be performed to the requirements stipulated in the contract. In the event that the service provider fails to fulfill the services agreed upon, the recipient of the service can seek to be compensated for any damages that they incurred.
The recipient of the service is referred to as the obligee, and the service provider is the principal. When an obligee enters into a contract with the principal for the provision of a particular service, the obligee may request a bond from the principal as an assurance that the service will be delivered as agreed upon. The principal will therefore obtain the bond from a third party- the surety. The surety is an insurance company that issues bonds to principals and pledges to honor claims that are made against the bond by an obligee.
Common Louisiana Surety Bonds
Auto Dealer Bond
Contractors Bond
Public Adjuster Bond
Auctioneer Bond
Money Transmitter Bond
Sales Tax Bond
How do I purchase a Louisiana surety bond?
NFP, the nation's largest and most reliable surety company, is authorized to issue many different types of surety bonds in Louisiana. 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.
Louisiana Surety Bond FAQs
Yes. If you're opening a new or used car dealership, you're required by the Louisiana Motor Vehicle Commission to have an auto dealer bond. Used dealers need a $50,000 bond, while new or specialty dealers need $20,000. This bond protects consumers and the state if you break contract or license laws.
Notaries in Louisiana must purchase a $10,000 notary surety bond every five years with their commission. The bond typically costs around $110 to $120 and ensures that notaries perform duties impartially and lawfully.
Yes. Many bonding companies in Louisiana can issue bonds even with less-than-perfect credit, although premiums may range from 5 to 15% of the bond amount. Some providers offer tailored "bad-credit" programs or flexible underwriting to assist.
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