Connecticut Surety Bonds
Surety Bond Professionals is a family owned and operated bonding agency with over 30 years of experience. Headquartered in Massachusetts, we proudly serve clients in the entire New England area and nationwide. With access to over 25 surety markets, our expert agents are ready to assist with all of your Connecticut surety bond needs.
Continue reading below to learn more about common Connecticut bonding requirements, or use our online form to request a quote now.
Required Surety Bonds in ConnecticutMost of the surety bonds issued in Connecticut fall into one of three broad categories: construction and contractor bonds, license and permit bonds, and court bonds. Although there are other types of surety bonds, these are the ones that are most commonly needed.
Connecticut Construction BondsAt Surety Bond Professionals, we have been specializing in construction surety for over 30 years. Our agents can help you to understand your bonding requirements and get you bonds at competitive rates. Contractors who are not required to purchase a contractor license bond in Connecticut will still need to meet state and local requirements for other types of construction surety bonds—such as bid bonds, performance bonds, and payment bonds. These are typically required by state and local sponsors of public works projects.
- A bid bond guarantees that a contractor will accept the project if awarded a contract.
- A performance bond guarantees that the contractor will fulfill all contractual obligations in a lawful and ethical manner.
- A payment bond guarantees that the contractor will pay suppliers, subcontractors, and laborers according to the terms of the contract.
Connecticut License & Permit BondsAs the name suggests, license and permit bonds are required in order to obtain or renew a license to practice certain professions or to operate certain kinds of businesses in the state of Connecticut. They help ensure that the laws governing such businesses are obeyed and that consumers and taxpayers don’t suffer any financial loss due to the unlawful or unethical actions of licensees. For example:
- Connecticut Department of Banking issues licenses to collection agencies, debt negotiators, mortgage brokers, lenders, and services, and money transmitters. A license bond is a requirement for becoming and remaining licensed in these professions.
- Department of Motor Vehicles licenses new and used motor vehicle dealers, leasing or rental companies, and repairers. Each of these licenses carries a bond requirement.
- Plumbers, electricians, HVAC professionals and certain other specialty contractors must obtain a license bond.
- Nonresident contractors (those based in another state) may be required to purchase a surety bond to guarantee payment of taxes owed to the state of Connecticut.
Connecticut Court BondsThere are two main reasons that Connecticut courts impose a bond requirement:
- To ensure that people who lose an appeal pay any court-ordered damages, court costs, and legal fees, and
- To ensure that executors, guardians, conservators and others with fiduciary responsibilities perform their duties in compliance with applicable laws and the rules of the court
Our experienced professionals will gladly answer any questions you may have about Connecticut surety bonds to help you get the bonds you need. Request a quote today!