Contractor License Bond - California

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Bond Description

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Bond Amount

$12,500

Requiring Entity

State of California Contractors License Board

Underwriting Criteria

Instant approval if first time licensee or personal credit check of business owner

Premium Rate(s)

Preferred Rates: 1 Year:   $116 
                            2 Years: $195 
                            3 Years: $259 *(actual rate is determined after review of credit report)

Co-Signer Rates

Applicants who have poor credit now have the option of obtaining a quote with a co-signer. The co-signer must have a credit score higher than 700 and also own real estate. With a qualified co-signer, the rate for the bond will be $625 annually. The co-signer will be required to indemnify on behalf of the bond. For additional information regarding the co-signer application process, please contact our office at (800) 764-7233.

Who is Required to Secure this Bond

All contractors licensed with the State of California and legally doing business under California Civil Code Division 3, Chapter 9 (Commencing with Section 7000 of the Business and Professions Code) are required to post some form of security with the State. A valid contractor’s license and a surety bond are required for all contract work performed in the State in excess of $500.00 in contract total (inclusive of labor and materials). Although it is not common practice or highly regarded by most licensees, cash or a certificate of deposit, in the full amount of the surety bond, may be filed with the California State Contractors License Board, as well.

Bond Requirement Specifics

The California contractor’s license bond is required by the State of California Contractors License Board for all actively licensed contractors on file with the State. It ensures that the contractor will comply with the Contractors’ State License Law for which the law describes specific violations that the bond will cover. If the contractor does not comply with the conditions of the bond, a consumer, supplier or an employee may file a claim against the bond. The Surety Company who issued the contractor’s license bond on behalf of the contractor must validate each claim and in the event the contractor is found negligent, the Surety Company must pay the damages sought in the bond claim.

Who is protected Under this Bond

Consumers, suppliers and employees of the licensed and legal contractor in the State of California are entitled to make a claim against the contractors surety bond should they act in violation of the Contractors’ State License Law. The surety bond guarantees that individuals granted a license or permit to operate a business or to exercise a privilege will meet the obligations under that license or permit.

Underwriting Process

Unless the applicant is a first time licensee, there will be a routine personal credit check of all business owners as a means of approval of your contractor’s license bond. BAD CREDIT IS NOT AN ISSUE with us being able to obtain an approval of your contractor’s license bond. A credit check is simply utilized in determining the annual premium that will be assessed to your surety bond.

What you Need to do Once you have your Bond

As the original contractor’s license bond must be filed with the State of California, Contractors license Board, the original bond will be mailed to the applicant within 24 hours receiving approval and payment of the bond premium. The applicant will need to forward the original bond to the State of California, Contractors License Board for filing. The bond will be place in regular mail unless the applicant opts to pay the fee associated with overnight delivery during the application process.

Obligee Link

www.cslb.ca.gov

* Please be advised that the quote you obtain for this bond may include a fee charged and retained by The Bond Exchange.