Utah
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In Utah, surety bonds act as a form of insurance in that they protect a hiring company or organization from the possibility of poor performance or non-compliance with the specifications of a particular job or project.
A Utah surety bond serves two important roles. It is part credit to the involved principal, and part insurance to the obligee. When an obligee obtains the services of a bonded principal, it can enjoy an extra level of security for the services that it receives. If the bondholder violates the terms of the contract, the obligee can claim the bond and be compensated for damages incurred.
On the other hand, Utah bonds also act as an extension of credit to the principal. When a claim is made against the bond by an obligee, the bonded does not have to incur high out-of-pocket expenses. This is because the surety will typically honor the claim and later seek compensation from the involved principal.
Common Utah Surety Bonds
In Utah, surety bonds act as a form of insurance in that they protect a hiring company or organization from the possibility of poor performance or non-compliance with the specifications of a particular job or project.
A Utah surety bond serves two important roles. It is part credit to the involved principal, and part insurance to the obligee. When an obligee obtains the services of a bonded principal, it can enjoy an extra level of security for the services that it receives. If the bondholder violates the terms of the contract, the obligee can claim the bond and be compensated for damages incurred.
On the other hand, Utah bonds also act as an extension of credit to the principal. When a claim is made against the bond by an obligee, the bonded does not have to incur high out-of-pocket expenses. This is because the surety will typically honor the claim and later seek compensation from the involved principal.
Common Utah Surety Bonds
Utah Contractors License Bond
Auto Dealer Bond
Mortgage Bond
Freight Broker (BMC-84) Bond
Collection Agency Bond
Notary Bond
How do I purchase a Utah surety bond?
NFP, the nation's largest and most reliable surety company, is authorized to issue many different types of surety bonds in Utah. 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.
Utah Surety Bond FAQs
In Utah, bonds are commonly required for contractors (especially those working on state or municipal projects), auto dealers, mortgage professionals, collection agencies, notaries, and freight brokers. Bonds serve to protect the public and ensure legal compliance.
Utah contractors license bond amounts vary by classification and local regulations, typically ranging from $2,000 to $100,000. Premiums usually run between 1 and 3% of the bond amount annually, based on credit and business history.
Auto dealerships in Utah must post a $25,000 surety bond to obtain and maintain their license. Premiums for auto dealer bonds vary but generally fall between $250 and $750 per year, depending on the applicant's risk profile.
Yes, Utah notaries must carry a $2,500 surety bond for their four-year term. A notary bond protects the public from potential errors or misconduct. Premiums are modest, typically around $20 to $40.
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