Louisiana State Contractors | $1,000 State Contractors Surety Bond
Also known as: state contractor bond
Type of Bond
The purpose of a state contractor bond is to provide financial protection to the state and project owners. It ensures that the contractor will fulfill their contractual obligations, including completing the project according to specifications, meeting quality standards, and paying subcontractors, suppliers, and laborers promptly. When a contractor bids on a state-funded construction project, they may be required to obtain a state contractor bond as a condition of the contract. The bond amount is typically determined by the contracting agency or the project owner. The bond serves as a guarantee that the contractor has the financial capacity and resources to complete the project as agreed. If the contractor fails to meet their obligations, breaches the contract, or engages in wrongful actions, a claim can be made against the bond. If the claim is proven valid, the bond issuer will provide compensation up to the bond amount to the state or the project owner. The contractor is then responsible for reimbursing the bond issuer for the payout made on their behalf. In summary, a Louisiana state contractor bond is a type of surety bond required for contractors working on state-funded construction projects. It provides financial protection to the state or project owners, ensures compliance with contractual obligations, and provides a mechanism for compensation in case of non-compliance or violations by the contractor.
Program
The price you'll pay for your $1,000 State Contractors Bond is generally based on your personal credit score. Start a free online quote by just completing a simple app or by calling 888-518-8011. Our experts will walk you through a very simple process. Compare our quote as the very lowest price, and then you're good to go! It's that simple!
We provide all types of $1,000 State Contractors Bonds. Worldwide Insurance Specialists, Inc. has "in house" underwriting authority with the largest and best Surety (Insurance) companies in the world including, Great American, Liberty Mutual, Philadelphia, Travelers, and CNA Surety. All of these surety bond companies are A-rated under the AM Best credit rating system, and T-listed with the U.S. Department of Treasury. This guarantees that by getting bonded through us, you will be provided the backing of these highly trustworthy and reliable companies.
Application
The application process for a $1,000 State Contractors Bonds is easy! Many Bonds are INSTANT ISSUE! Easy Application, no underwriting, no credit check, no GIA required. Our NEW Desktop underwriting program provides you with a rapid approval process used to determine the degree of risk that you (the Principle) complete a project or obligation. Non-INSTANT ISSUE quotes can also get instantly approved. Submissions require very little information from you. Once you file and sign an indemnity agreement, we issue the Bond. It's that simple! We quote and issue Surety Bonds of every type and will help you through the entire process. These applications only require basic information about your business, bond type, and ownership structure. Once the application is complete, we submit to the insurance company (Surety) who will then issue your bond. Don't pay too much! Get your Bond Fast, and Easy with the best price! Click here to start the State Contractors Bond Application process.
The Louisiana State Contractors Bond amount is currently set at $1,000.
Obligee Information
An obligee is the entity that is requiring you to have the State Contractors bond.
Obligee: Louisiana Department Of Revenue
If you or your business needs help in obtaining a surety bond or commercial insurance give us a call!