Virginia
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Virginia surety bonds have become a regular requirement in the service, construction, transportation and motor vehicle industries.
By protecting service recipients from damages suffered as a result of an unfulfilled contract, they make the business industry operate with increased efficiency.
Getting bonded in Virginia serves two important functions in business transactions. First, surety bonds are an extension of credit to the principal. When claims are made by an obligee, the surety company honors the claim and later seeks compensation from the engaged principal. The principal, therefore, does not have to incur hefty out-of-pocket expenses when a claim is made against them.
Secondly, Virginia surety bonds provide insurance to the obligee. When an obligee seeks a service from the principal, they maintain peace of mind knowing that they can claim the bond should the involved principal fail to adhere to the contract. The claim is also fulfilled by a surety company like NFP, giving the obligee assurance that a valid claim will be honored.
Common Virginia Surety Bonds
Virginia surety bonds have become a regular requirement in the service, construction, transportation and motor vehicle industries.
By protecting service recipients from damages suffered as a result of an unfulfilled contract, they make the business industry operate with increased efficiency.
Getting bonded in Virginia serves two important functions in business transactions. First, surety bonds are an extension of credit to the principal. When claims are made by an obligee, the surety company honors the claim and later seeks compensation from the engaged principal. The principal, therefore, does not have to incur hefty out-of-pocket expenses when a claim is made against them.
Secondly, Virginia surety bonds provide insurance to the obligee. When an obligee seeks a service from the principal, they maintain peace of mind knowing that they can claim the bond should the involved principal fail to adhere to the contract. The claim is also fulfilled by a surety company like NFP, giving the obligee assurance that a valid claim will be honored.
Common Virginia Surety Bonds
Contractors Bond
Auto Dealer Bond
Mortgage Bond
Auctioneer Bond
Private Investigator Bond
Public Adjuster Bond
How do I purchase a Virginia surety bond?
NFP, the nation's largest and most reliable surety company, is authorized to issue many different types of surety bonds in Virginia. 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.
Virginia Surety Bond FAQs
In Virginia, surety bonds are commonly required for contractors, auto dealers, mortgage professionals, public adjusters, and notaries. Some court and probate matters also require bonding.
Contractors bond requirements in Virginia vary by license class and local municipality. Many Class A and B contractors may need bonds ranging from $10,000 to $50,000.
No, Virginia notaries are not required to carry a notary bond, though they may choose to purchase one for added protection.
Bond premiums are based on several factors, including the bond amount, credit score, financial stability, and business history. Applicants with strong credit usually pay 1 to 3% of the bond amount.
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