Illinois Surety Bonds

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Surety Bond Professionals is a family-owned and operated bonding agency with over 30 years of experience. With access to a broad range of surety markets, our expert agents are ready to assist with all of your Illinois surety bond needs.


Required Surety Bonds in Illinois

Typical Illinois bonds include (click on any for more info):

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Required Surety Bonds in Illinois

There are three broad categories of Illinois surety bonds: construction and contractor bonds, license and permit bonds, and court bonds.

Illinois Construction & Contractor Bonds

State sponsors of public works projects require contractors bidding on or working on public works projects to purchase bid bonds, performance bonds, payment bonds, or other construction and contractor bonds.

Illinois License Bonds

Roofers are the only contractors that are licensed at the state level in Illinois, but local jurisdictions may require contractors to obtain a local license or permit. There are other types of businesses that must be licensed by the state in order to operate legally in Illinois, such as collection agencies, insurance agents, money transmitters, amusement enterprises, and more. In most cases, a surety bond is a prerequisite for licensure.

Illinois Court Bonds

Illinois court bonds are categorized as either appeal bonds or probate bonds. Appeal bonds are required from people appealing a court decision, usually in cases contesting assets or large damage awards. Probate bonds are required from those who will be acting in a fiduciary capacity, such as an executor of an estate, a guardian of a minor, a trustee for a trust account, and so on.

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Frequently Asked Questions

There are three parties to every surety bond agreement, which is a legally binding contract:

  • The “obligee” is the state or local agency requiring the surety bond.
  • The “principal” is the party required to purchase the bond.
  • The “surety” is the company underwriting and issuing the bond.
  • The obligee sets the required amount of the bond, which is the maximum amount that will be paid out on a claim. The obligee also spells out the conduct required of the principal in order to avoid claims against the surety bond.

Any party who suffers a financial loss because the principal has violated the terms of the bond has the right to file a claim against the bond. The principal is solely responsible for paying all valid claims.

However, the surety will often pay a claim and wait to be reimbursed by the principal. This ensures timely settlement of the claim and gives the principal some time to gather the necessary funds.

What the principal in a bond agreement actually pays for a surety bond is a small percentage of the required bond amount established by the obligee. That percentage, known as the premium rate, is determined by the surety company based on the applicant’s credit score and other indicators of the likelihood of claims being filed against the bond. Those with good credit can expect a rate of 1-3%. Those with poorer credit may pay a higher premium.
No claim against a bond will be paid until the surety company has investigated and determined that it is valid. After making payment to a claimant, the surety company will demand reimbursement from the principal.