New Hampshire Surety Bonds
Surety Bond Professionals has been in the surety business for more than three decades. Our experienced agents have what it takes to help you with all of your New Hampshire surety bond needs.
Read about bonding requirements in New Hampshire below, or request a convenient online quote.
New Hampshire Surety Bond Requirements
The three largest categories of surety bonds are construction bonds, license bonds, and court bonds. There are other types of surety bonds available. If you need assistance, don’t hesitate to contact one of our experienced agents.
New Hampshire Construction Bonds
New Hampshire has its own version of the federal Miller Act, which sets certain bond requirements for contractors working on federal projects valued at more than $100,000. New Hampshire’s “Little Miller Act” applies to state-funded public works projects valued at $25,000 or more. It requires contractors to post both payment and performance bonds, each in the full amount of the contract value:
- A performance bond ensures that the contractor fulfills all contractual obligations ethically and in compliance with the law. These bonds provide financial protection for the state and for New Hampshire consumers and taxpayers. Learn more.
- A payment bond is the contractor’s guarantee to pay suppliers, subcontractors, and laborers in a timely manner, in compliance with the terms of the contract. Learn more.
In addition to the state and federal requirements, municipalities and some private project owners may also require bonds for large projects.
New Hampshire License & Permit Bonds
In New Hampshire, certain professionals and businesses must be licensed by the state in order to operate legally. Purchasing a license and permit bond is often a requirement for obtaining or renewing a business license in the state. The bond protects the state and consumers against financial loss due to the unlawful or unethical conduct of the licensee.
Common businesses subject to this licensing and bonding requirement include:
If you’re unsure whether or not you need a license bond, contact an agent, who will be happy to walk you through your bonding requirements.
New Hampshire Court Bonds
Common bonds required in New Hampshire courts include:
- Appeal bonds, which ensure the return of property or payment of court-ordered damages, court costs, and legal fees by the losing party.
- Fiduciary bonds, which guarantee that court-appointed guardians, custodians, estate executors, bankruptcy trustees and others with fiduciary control over the funds and property of others fulfill their duties in accordance with the law and the rules of the court.
How Much Does A Bond Cost?
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 premium rate of 5-10%.
What Happens When a Claim is Filed?
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.
Complete our online quote form for any New Hampshire surety bond you may need today!