Michigan Contractor License | $15,000 Contractor License Surety Bond
Also known as: contractor license bond
Type of Bond
A contractor license bond, also known as a construction contractor bond or contractor's bond, is a type of surety bond that is often required for individuals or businesses seeking to obtain a contractor's license. It serves as a financial guarantee that the contractor will adhere to applicable laws, regulations, and industry standards in their construction projects. The purpose of a contractor license bond is to protect clients, property owners, and the general public from potential financial losses or damages resulting from the actions of the contractor. It provides assurance that the contractor will fulfill their contractual obligations, complete the project according to specifications, and comply with building codes and regulations. If the contractor fails to fulfill their obligations, breaches the terms of the contract, or engages in fraudulent or negligent activities, a claim can be made against the bond. This allows affected parties to seek financial compensation for any resulting damages, costs, or losses. The specific requirements for contractor license bonds can vary by jurisdiction and the type of construction work being performed. Typically, contractors must obtain a bond and maintain a specific bond amount as a condition of obtaining or renewing their contractor's license. Contractor license bonds play a vital role in the construction industry by providing financial protection for clients and ensuring that contractors operate ethically and responsibly. They contribute to the overall integrity and professionalism of the industry while safeguarding the interests of project owners and the public.
Program
The price you'll pay for your $15,000 Contractor License 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 $15,000 Contractor License 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 $15,000 Contractor License 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 Contractor License Bond Application process.
The Michigan Contractor License Bond amount is currently set at $15,000.
Obligee Information
An obligee is the entity that is requiring you to have the Contractor License bond.
Obligee: The South Carolina Residential Builders Commission
Street: 110 Centerview Dr Ste 306
State: South Carolina
Zip: 29210
If you or your business needs help in obtaining a surety bond or commercial insurance give us a call!