Maryland
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Maryland surety bonds are similar to insurance in that they provide a kind of guarantee to one of the parties involved.
If the terms of the bond agreement are not fulfilled, then a claim can be made, and the party making the claim can recover losses sustained. Surety bonds are often required as a condition of doing business within state borders, as a means of protecting consumers who avail themselves of a business's services.
For instance, the state of Maryland requires an electrician to be bonded before offering services in the Baltimore area, which provides some measure of assurance to clients that the electrician will perform in a competent and legal manner. If the work does not meet that requirement, then the company that issued the surety bond to the electrician would be responsible for paying out claims damages, and would subsequently seek to recover the amount of the claim from the electrician.
Common Maryland Surety Bonds
Maryland surety bonds are similar to insurance in that they provide a kind of guarantee to one of the parties involved.
If the terms of the bond agreement are not fulfilled, then a claim can be made, and the party making the claim can recover losses sustained. Surety bonds are often required as a condition of doing business within state borders, as a means of protecting consumers who avail themselves of a business's services.
For instance, the state of Maryland requires an electrician to be bonded before offering services in the Baltimore area, which provides some measure of assurance to clients that the electrician will perform in a competent and legal manner. If the work does not meet that requirement, then the company that issued the surety bond to the electrician would be responsible for paying out claims damages, and would subsequently seek to recover the amount of the claim from the electrician.
Common Maryland Surety Bonds
Auto Dealer Bond
Contractors Bond
Freight Broker (BMC-84) Bond
Mortgage Bond
Collection Agency Bond
Credit Services Organization Bond
How do I purchase a Maryland surety bond?
NFP, the nation's largest and most reliable surety company, is authorized to issue many different types of surety bonds in Maryland. 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.
Maryland Surety Bond FAQs
A surety bond is a legal agreement that guarantees one party’s obligations to another. In Maryland, surety bonds are often required for licensing purposes, public projects, or court proceedings. They help ensure businesses or individuals follow state laws and protect the public from financial harm due to misconduct or contract violations.
Many professionals and businesses need a bond to operate legally in Maryland. Common examples include auto dealers, contractors, mortgage professionals, public adjusters, and collection agencies. Court-appointed fiduciaries, like guardians or estate executors, may also be required to post a bond depending on the court’s instructions.
The cost of a bond, also known as the premium, usually ranges from 1 to 10% of the bond amount. The final rate depends on the applicant’s credit score, business history, and the specific type of bond. For instance, a $50,000 bond might cost anywhere from $500 to $5,000 annually.
Yes, but the premium may be higher. Many bonding companies offer programs for applicants with less-than-perfect credit. While strong credit may result in a 1 to 3% rate, lower credit scores may lead to rates between 5 to 15%. Some bond types may also require collateral or additional underwriting.
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