Washington Surety Bonds
How to get a Surety Bond in Washington?
Do you need a Surety Bond to fulfill a client request, court demand, license requirement or other responsibility? If so, we’re happy to assist you with getting the best deal for your Washington state Surety Bond. View instant Washington Bond quotes from leading Surety Bond companies using our dropdown menu below. We just need to know the bond type and bond amount you require to start.
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What Surety Bond amount and type do you need?
When shopping for a Surety Bond, know the type of bond and bond amount is important. There exists a large variety of bond types. If you purchase and submit the wrong type of Surety Bond, chances are the Obligee (entity requesting the bond) will deny your submission. We recommend verifying the bond type and bond amount you need with the Obligee to ensure they will accept your Surety Bond.
Here is a list of popular bond types for the state of Washington.
Washington Surety Bond requirements:
If you lost your title before registering your car or bought a vehicle with a missing title, a Bonded Title might be your best solution.
Your first step is to contact your local Washington DMV to ensure your vehicle is eligible for a Bonded Title. The state requires the amount of your bond to be 1.5 times the value of your vehicle. However, this isn’t what your bond costs. Most of our clients pay $100 for their Certificate of Lost Title Bond.
Licensed contractors are required by the Washington State Department of Labor & Industries to have a Surety Bond. Unlike a traditional insurance policy, the Surety Bond is in place to provide security to your clients, not you as the contractor. If you give unethical service or perform shoddy work, your client can make a claim against your bond to recover the financial loss. This leaves you with the responsibility of paying the surety company back in full.
Before you start a new project, you may receive a request to secure a Contract Bond. The most common types of Contract Bonds include Bid Bonds, Maintenance Bonds, Payment Bonds, Performance Bonds and Warranty Bonds.
What kind of Fidelity Bond are you needing?
- Business Service / Janitorial Bond: This policy covers your client if an employee steals from them.
- Employee Dishonesty Bond: This type of policy is also known as a “Commercial Crime Fidelity Bond”. You and your business are protected if your employee steals from the business.
- ERISA Bond: The U.S. Department of Labor (DOL) requires administrators of employee benefit and pension plans to have an ERISA Bond. The beneficiaries of the plan are safe from financial loss if the plan funds are mishandled by the administrator.
Washington Mortgage Brokers must meet the Washington State Department of Financial Institutions’ Surety Bond requirement to receive their license. The bond is a financial safeguard for your clients if you perform fraudulently or unethically.
Vehicle dealers selling new and used cars must meet the Washington Department of Revenue’s motor vehicle dealer license requirement of having a $30,000 Surety Bond. This requirement ensures dealers don’t perform unethical business practices. Motorcycle dealers in Washington only need a $5,000 Surety Bond.
Securing a $10,000 Surety Bond is required to become a Notary Public in Washington State. Our WA Notary Bonds start as low as $40 for a 4-year term. Some of our surety partners include a $10,000 E&O insurance policy with the bond.
Need a different bond type?
Getting the right type of bond is simple. Type the kind of bond or keyword related to the bond type you need using our online application. If you have any questions or need assistance, please get in touch with us. We love to help! Email email@example.com or call (866) 722-9239 to speak with our bond experts.
How much does a Washington Surety Bond cost?
Most of our Washington State Surety Bonds start at $100 for a 1-year term. The cost of the bond is determined by the bond amount and type of bond you are needing. Larger bonds mean a bigger risk. So, a higher premium cost is expected for the amount of coverage.
We also take into account credit score to calculate the cost of some bonds. However, we only perform a soft-pull on credit. Your credit score is not adversely affected when a run a credit check. With good credit and approval, you can expect to pay around 1%-5% of the amount of the bond.
Getting a Surety Bond with bad credit
Getting a Surety Bond in Washington State with bad credit is possible. However, if you receive approval for your bond with non-standard credit, the cost of the bond could be as high as 5%-15% of the bond amount you require.
Fortunately, many of our bonds don’t require a pull on your credit. In this scenario, your credit doesn’t affect the cost of your bond.
Just because your credit isn’t good, doesn’t mean you can’t get your Surety Bond. Apply today to get free, no-obligation quotes.
Surety Bond companies serving Washington State.
Finding quotes for your Washington State Surety Bond doesn’t have to be difficult. We provide instant quotes from leading surety companies for most bond types. This allows you to pick the quote best fitting your budget.
Surety Solutions, A Gallagher Company is located in the Pacific Northwest and is licensed to issue bonds in all 50 states.
Get Washington Surety Bond quotes by using the button below. Send us your questions here, email firstname.lastname@example.org or call (866) 722-9239 with any questions about our application or your bond. Our team looks forward to issuing your new policy.