Please note that the following information is related to contractor’s license bonds. If you are a contractor seeking information on obtaining contract surety bid and performance bonds, please visit our contract bond page.
What Is a Nevada Contractor’s License Bond?
In Nevada, contractor’s bonds have a state mandated standards. Depending on the State Contractors Board the bond will vary between $1,000 and $500,000. Customarily, each job requires contractor’s license bonds for certain contractors to be held prior to undertaking construction services. The bond generally ensures that the contractor will comply with all required codes and laws. The State of Nevada will be named as the oblige on the bond-but a contractor’s license bond must be obtained from an insurance company licensed to write surety bonds in Nevada. The surety company must be qualified and up to date with all codes and laws. If the contractor fails to meet these standards, the bond pays their liability.
Obtaining Contractor’s License Bonds in my State.
Nevada requires contractor’s license issued to be insured by a contractors license bonds. The bonds are always effective for 2-year terms, and can vary on price due to many factors. When determining the amount of bond required, the State Contractor’s Board will consider the type of license requested, monetary limit granted, past, present or future financial responsibility, experience, and character of the applicant. The bond also must be written by a “A”rated surety company.
What is the process to obtain the bond?
Colonial offers one of the fastest ways to obtain a contractor’s license bond. We are the insurance company- which means no agent, no broker, and no middleman. There is no turnaround time to obtain your bond. The steps are simple- get a free quote online, fill out your information, answer our underwriting questions, and enter your payment method. Your bond will be available in a PDF or original form, and always accessible to you online. It’s that simple!
What Do Contractor’s License Bonds Cost?
Contractor’s license bonds are reasonably priced and easy to obtain-so that you can run your business. You may notice with other insurance agents and middlemen companies; your premium rate will fluctuate depending on your application-but not at Colonial. We offer a flat rate for each contractor’s license bond.
Does it matter where I get my bond?
It’s important to understand how surety bonds work, and the insurance company issuing your bonds. This makes it important that you find a quality insurance company licensed in your state to write surety bonds. Colonial is an A rated Surety Company by A.M. Best that has been incorporated since 1930. We are treasury listed and licenses and admitted in all US States and territories.