Virginia Surety Bonds

What are Virginia’s surety bond requirements?

When applying for a license or permit in the state of Virginia, getting a surety bond might be on your list of requirements. The surety bond serves as your guarantee to the obligee (the entity requiring the bond) that you’ll carry forth your obligations honestly and faithfully. Regardless of the type of bond you need, our team at Surety Solutions, A Gallagher Company is happy to help you with your bond needs. View free bond quote from leading surety companies by entering the bond type and amount in the fields below.

Can’t find the bond you need? Contact us.

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Easiest system to use and, by far, the fastest company with providing E&O and Surety bond insurance. HIGHLY recommend!
Mortgage H.
Mortgage H.
20:51 02 Mar 22
Surety Solutions goes above and beyond their duty to make their customer feel confident that they are choosing the right company. Jessi Wimer personally helped me through the process. She was very informative and made sure that every concern I had was dealt with in the most professional and efficient way. Thank you for your hard work!
Chris L.
Chris L.
17:07 08 Feb 22
Excellent service; they exceeded my expectations in timeliness and professionalism.
Bridgette M. B.
Bridgette M. B.
23:24 10 Dec 21
Client services provided quick and accurate responses.
James G.
James G.
17:49 30 Nov 21
Very helpful and they respond quickly to any questions.
Eva Hammel H.
Eva Hammel H.
16:46 30 Nov 21
Katrina Fearn, Client Service Manager at Surety, is an absolute pleasure to work with!! She is always highly responsive, and has provided me nothing but excellent service since our first interaction. I highly recommend working with her and the Surety team. They will always go above and beyond. Thank you for all that you've done!
Zakieh A.
Zakieh A.
16:38 04 Nov 21
I have been working with Steve Shike and he has been so helpful. I purchased the wrong bond and Steve instantly requested a refund on my behalf and called back with the good news. I appreciate him for helping me figure out my situation in such a timely matter. Thank you Steve for responding to my calls and emails promptly.
Ashley W.
Ashley W.
18:25 10 Aug 21
Gerry J.
Gerry J.
16:30 08 Aug 21
Katrina and Surety Solutions was awesome to work with and made the process seamless. Even after I, PERSONALLY, made a mistake and caused a delay, Katrina was able to spot my mistake and kindly address the error while still delivering my bond as if nothing had happened.I have nothing but good things to say about Surety Solutions.
Xavier A.
Xavier A.
15:40 22 Jul 21
jerry T.
jerry T.
04:44 03 Jul 21
Katrina and Surety Solutions were very helpful and fast. I needed to change the bond I ordered and they handled that within minutes. Their response time to emails and request were great and that is why I will continue to work them both. All I ask for is relatively decent response time when there are issues that need resolved and Katrina far exceeded that and was friendly on top of everything else. Well done.Kris
Kristopher M.
Kristopher M.
14:23 24 Jun 21
Grace answered the phone immediately with a positive attitude and willingness to help. She followed through professionally and promptly through entire process.
Danny S.
Danny S.
14:41 15 Jun 21
Surety Solutions has been the most amazing and easiest company to work with on Bonds in my past 17 years of doing insurance. They are very quick to respond and very personal to work with. Jake Durrant is absolutely the best!
Bonnie A.
Bonnie A.
20:39 20 May 21
Suzie T.
Suzie T.
17:14 07 May 21
Easy experience.
Tonya B.
Tonya B.
01:18 21 Apr 21
I had the pleasure of working with Katrina Fearn to obtain mortgage broker surety bonds and I can say with zero hesitation, that she is wonderful to work with. Extremely responsive, communicative and helpful. Surety Solutions + Katrina = Great Partnership. Thanks!!!
Ryan M.
Ryan M.
20:18 19 Apr 21
Can't say enough good things about Katrina Fearn, she was exceptionally prompt, responsive and a true professional in getting me the bond in a timely manner. Just amazing customer service.
Umesh M.
Umesh M.
23:34 07 Apr 21
I needed a copy of my bond and with people working form home I thought is was going to take a long time. I got an email with the copy of my bond with in minutes. Never seen anything like that. Very Professional and fast response. thank you for good business ethic
Ernesto U.
Ernesto U.
19:08 10 Feb 21
Just obtained Mortgage Broker Surety Bond for two states. not only the price was right but service and professionalism exceeded my expectations. i can't thank Steve enough and wish i knew them sooner.
Ruslan K.
Ruslan K.
22:43 08 Jan 21
I bought a surety bond for my business. The name on the application has my middle name on it and the policy didn't. That would or could have created a problem. I wrote to customer service to complain. Well not complain but ask for it to be changed. Since it was Thanksgiving weekend I wasn't expecting to hear back till this week sometime. Well to my surprise it was "Very" Quickly. JD was very helpful and professional. Fixed it then contacted me with the corrected version. Couldn't be happier. " Good Business is Good Business"
MrDarryk
MrDarryk
05:17 01 Dec 20
JP M.
JP M.
01:46 04 Nov 20
Amazing customer service and friendly and informative reps.
Obsesion H.
Obsesion H.
04:45 26 Oct 20
Surety solutions handled my request for a Guardianship Bond professionally, with great care and provided great value to my family. Of all of the insurance companies I contacted for my need, Surety Solutions was by far the most responsive, courteous and knowledgeable. I very much appreciate their fine service!!
Irena S.
Irena S.
03:00 25 Sep 20
The entire staff from Jake to Katrina were more than professional and bent over backwards to meet mine and The State of California's requirements
Kirk G.
Kirk G.
19:10 23 Jun 20
This process could not have been easier! Mr. Chipman sent me an email link and I just followed the steps. I highly recommend Mr. Beau Chipman to anyone who needs this service.
Sharon H.
Sharon H.
23:29 28 Apr 20
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How do I find the bond amount? [Where to get a bond form]

Need help determining the bond amount you require? The best place to start is to look at the bond form provided by the obligee. This form should have the information you need to determine the type and bond amount to purchase. We recommend you contact the obligee if you are unsure of what they require, as they will not accept a surety bond with an incorrect bond amount.

Here, you will find the common bond types required in the state of Virginia.

Virginia surety bond requirements:

The Virginia Board of Contractors requires professional contractors get a surety bond to receive their licenses. Please verify the bond amount you require with the state to ensure you purchase proper coverage. This bond is protection for your customers in case you perform unethically or your work is inferior.

More on Contractor License & Permit Bonds…

The state often requires contractors to purchase a surety bond before starting or bidding on large construction projects. Since taxpayer dollars are used to fund these projects, enforcing a bond requirement ensures this money isn’t lost if the contractors don’t fulfil their contractual obligations. The types of bonds that fall under this category include Bid, Maintenance, Payment, Performance and Warranty Bonds.

More on Contract Bonds…

Sometimes, the court will order an individual purchase a surety bond. There are many different types of Court Bonds, but they fall under two categories. Fiduciary Bonds include Guardianship, Probate and Trustee Bonds. Whereas Judicial Bonds include Attachment, Indemnity to Sheriff, Injunction and Replevin Bonds.

More on Court Bonds…

The State Corporation Commission requires debt settlement professionals to purchase a surety bond to be licensed. The bond amount is set by the commission and starts at $25,000, but doesn’t exceed $350,000.

More on Debt Settlement Services Providers Bonds…

What type of fidelity product do you need?

  • Business Service / Janitorial Bond: Your clients are covered if your employee steams from them.

     

  • Employee Dishonesty Bond: Known as “Commercial Crime Bonds”, they protect you and your business in the event your employee steals.
  • ERISA Bond: The U.S. Department of Labor (DOL) requires plan administrators of employee benefit and pension plans to purchase an ERISA Fidelity Bond. Beneficiaries of these plans are covered if loss is incurred due to the administrator mishandling the funds.

More on Fidelity Bonds….

Lottery Bonds:

The Virginia Lottery requires retailers applying for a lottery license to buy a surety bond. If the retailer fails to abide by the rules and regulations enforced by the state, a claim can be made against the bond. The claimant is financially reimbursed by the surety for a valid claim. The retailer is then responsible for repaying the surety back in full.

Those operating in the mortgage industry, such as brokers, lenders or originators, need a surety bond to be licensed in Virginia. This requirement is set by the Virginia State Corporation Commission’s Bureau of Financial Institutions to prevent the licensee from committing fraud or conducting unethical business practices.  

More on Mortgage Bonds…

One must be licensed with the Virginia Motor Vehicle Dealer Board to legally sell vehicles in the state of Virginia. A licensing requirement to meet is to purchase a $50,000 surety bond. This requirement ensures dealers keep ethical business practices when selling and buying vehicles.

More on Motor Vehicle Dealer Bonds…

Need a different bond type?

These are just a few of the types of bonds required in the state of Virginia. If you don’t see the bond type you need above, simply enter the bond type or related keywords to search for your bond in our application above. Let us know if you have questions or need help by emailing info@suretysolutions.com or by calling (866) 722-9239.

How much does a VA bond cost?

While many of our bonds start at $100, the cost of your bond depends on the type and amount of coverage you need. Since there is more risk involved with a bond set at a larger amount, you’re likely going to have more in premium to pay.

Another factor to consider is your credit score. However, your credit isn’t adversely affected from us running your credit, because we only perform soft-pulls. With good credit, your premium should be around 1%-3% of the total bond amount.

What if I have bad credit?

It’s okay if you have bad credit. You may still be approved for a bond. Premium for non-standard credit applicants tend to be a little more at 5%-15% of the bond amount. Fortunately, with our quotes there is no obligation to purchase.

Also, a credit check won’t be run if the bond type you need doesn’t require one.

Get your free quotes for your bond today!

Can I purchase a surety bond online?

Yes! You can purchase your surety bond online and the process is quick and easy with Surety Solutions, A Gallagher Company’s online application. In fact, most bond types include an instant quote and can be downloaded after you complete your payment.

Our bond team issues surety bonds nationwide, including Virginia.

Find quotes for your bond now. Send any questions to info@suretysolutions.com or call (866) 722-9239. We look forward to issuing your surety bond.

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