Surety Bond Professionals has been in the surety business for more than three decades. Our highly professional agents will be able to help you with all of your surety bond needs in Maine. Continue reading about common surety bonds below, or request a convenient online quote.
Continue reading below to learn more about common Maine bonding requirements, or use our online form to request a quote now.
Required Surety Bonds in Maine
Typical Maine bonds include (click on any for more info):
| Surety Bond | Obligee | Bond Amount | |
|---|---|---|---|
| Alcohol Bonds | Various State Entities | Varies | Apply Now |
| Appeal Bonds | Various Courts | Varies | Apply Now |
| Attachment Bonds | Various Courts | Varies | Apply Now |
| Auto Dealer Bonds | Division of Motor Vehicles - Dealer Licensing Bureau | Typically $25,000 - $50,000 | Apply Now |
| Bid Bonds | Project Owner or GC requiring bonds | Varies | Apply Now |
| Construction Bonds | Project Owner or GC requiring bonds | Varies | Apply Now |
| Contractor License Bonds | Various State/Municipal Entities | Varies | Apply Now |
| Court Bonds | Various Courts | Varies | Apply Now |
| Cryptocurrency Bonds | Various State Entities | Varies | Apply Now |
| DMEPOS Bonds | Centers for Medicare and Medicaid Services (CMS) | $50,000 | Apply Now |
| Encroachment Bonds | Various State Highway Department | Varies | Apply Now |
| ERISA Bonds | Fund Beneficiaries | Often ~ $1,000,000 but may vary | Apply Now |
| Express Script Bonds | Express Scripts (required on a federal level) | $500,000 | Apply Now |
| Fidelity Bonds | Employer | Varies | Apply Now |
| Freight Broker Bonds (BMC-84 Bonds) | Federal Motor Carrier Safety Administration (FMCSA) | $75,000 | Apply Now |
| Health Club Bonds | The State in which the Health Club operates | $50,000 | Apply Now |
| Janitorial/Cleaning Service Bonds | Varies | Varies | Apply Now |
| License & Permit Bonds | Varies | Varies | Apply Now |
| Lost Instrument Bonds | Typically runs to the Transfer Agent | Varies | Apply Now |
| Lottery Bonds | Various Lottery Commissions | Varies | Apply Now |
| Maintenance Bonds | Project Owner or Municipality | Varies | Apply Now |
| Marijuana Bonds | Various State Entities | Varies | Apply Now |
| Mechanic's Lien Bonds | Typically the Local/State Registry of Deeds | Varies | Apply Now |
| Money Transmitter Bonds | Various State Entities | Varies by State | Apply Now |
| Mortgage Broker Bonds | Bank Commissioner, Banking Dept. | $50,000 | Apply Now |
| Notary Public Bonds | Various Secretary of States | $500 - $25,000 | Apply Now |
| Paid Family Medical Leave (PFML) Bonds | Various State Entities | Varies | Apply Now |
| Performance & Payment Bonds | Project Owner or GC requiring bonds | Varies | Apply Now |
| Probate & Fiduciary Bonds | Various Courts | Varies | Apply Now |
| Reclamation Bonds | Various Government Entities | Varies | Apply Now |
| Solar Decommissioning Bonds | Typically Town/City/State | Varies | Apply Now |
| Subdivision/Site Improvement Bonds | Various Municipal Entities | Varies | Apply Now |
| Supply Bonds | Project Owner or GC requiring bonds | Varies | Apply Now |
| Title Bonds | Maine Bureau of Motor Vehicles | Varies | Apply Now |
| Tobacco Bonds | Various State Entities | Varies | Apply Now |
| Utility Bonds | Utility Company | Varies | Apply Now |
Don’t see the bond you need listed? Get in touch and let our experts help!
Maine Surety Bond Requirements
In Maine, as in most states, the three main categories of bonds are construction bonds, license and permit bonds, and court bonds. There are certainly other types of bonds, but these are the three most common types. Feel free to reach out to us with specific requests.
Maine Construction Bonds
In Maine, construction bonds—predominantly bid bonds, performance bonds, and payment bonds—are primarily required by municipalities rather than by a state agency. They are typically required in order for a contractor to be considered for public works projects and may also be required by some private project owners.
- A bid bond guarantees that the contractor will accept the job if chosen as the winning bidder. Learn more
- A performance bond, also known as a contract bond, guarantees that the contractor will complete the project, abiding by all contract terms and applicable laws and regulations. Learn more
- A payment bond guarantees the contractor’s timely payment of suppliers, subcontractors, and workers, according to the terms of the contract. Learn more
We welcome your questions about the construction bonds that contractors working in Maine may need to obtain.
Maine License & Permit Bonds
Maine’s Department of Professional and Financial Regulation oversees the agencies and boards that issue licenses needed to practice certain professions and operate certain types of businesses in the state. In many cases, a license and permit bond is required in order to obtain a license. This provides financial protection for the state and for consumers against losses incurred as a result of the unethical or unlawful practices of a bonded business or professional.
For example, the Office of Consumer Credit Regulation requires license and permit bonds for debt collectors, debt management firms, loan brokers, and real estate property preservation services. Perhaps the most common license and permit bond is the one required by the Bureau of Motor Vehicles for motor vehicle dealers.
If you know the bond you need, apply today. If you have any questions, feel free to contact us for more information.
Maine Court Bonds
Courts in Maine require surety bonds from:
- People involved in appeals, to ensure that the losing party returns disputed property or pays court-ordered damages and legal fees. Learn more
- Court-appointed guardians, custodians, estate executors, bankruptcy trustees and others with the authority to manage the assets of another—to guarantee that these fiduciaries carry out their duties in accordance with the law and the rules of Maine courts. Learn more
Apply Now
Our experienced professionals will gladly answer any questions you may have about Maine surety bonds to help you get the bonds you need. Request a quote today!
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.