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 Hawaii contractor’s license bond?
In Hawaii, there are certain types of contractors that are required to obtain a surety bond known as a contractor license bond. Similar to other surety bonds, it’s purpose is to provide extra protection for the public, mainly people or entities that enter into contracts with the licensed contractor. If the third party suffers damages or loss as a result of the contractor, they can then go after the surety bond company who wrote the bond, however it’s always up to the contractor to cover all claim costs. Hawaii contractors must stay in compliance with provisions of the Chapter 444 of the Hawaii Revised Statues in order to stay out of bond claims.
Obtaining Contractor’s License Bonds for My Trade.
Contractor’s license bonds may be required in Hawaii on a state level. Since Colonial is a direct and digital insurance company, you can easily obtain a bond customized to your location’s requirements. Below are a few examples of state-wide requirements by trade.
Colonial issues these examples of contractor’s license bonds, as well as all other types of contractor’s license bonds required by state counties, municipalities and towns.
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 that with other insurance agents and middlemen companies, your premium rate will fluctuate and include additional hidden fees and costs. Not at Colonial. We offer a flat rate for each contractor’s license bond.
Does it matter where I get my bond?
It is important to understand how surety bonds work, and who is the insurance company issuing your bonds. It is easy to run your business when you deal direct with a quality insurance company licensed in Hawaii to write surety bonds. Colonial is an A (Excellent) rated insurance company by A.M. Best, that has been incorporated since 1930. We are Treasury listed, and licensed and admitted in all U.S. states and territories.