What Changed for Virginia Home Service Contract Providers?
A new bill was enacted in April of 2017 that requires home service contract providers in Virginia to get a surety bond.
The bill named HB 1542 requires home service contract providers to register and post a surety bond or letter of credit in an amount ranging from $10,000 to $90,000 based on the total dollar amount of unexpired home service contracts that the provider has in effect. The bond will be for the benefit of the contract purchasers if the provider does not fulfill its obligations under the contract. A funded reserve account will be required in addition to the bond. A liability insurance policy will be accepted in lieu of the bond and reserve account.
Why Choose JW Surety Bonds?
We are the nation’s largest volume bond producer, and provide the lowest rates in the industry. It’s also crucial that you understand that you’re responsible to pay any claims filed on your bond. When you partner with our company, you will have a dedicated claim specialist assigned to your account to ensure claim payouts are either reduced or avoided all together.
Get a Free Quote Instantly Online
If you’re ready to get a surety bond for this newly increased bond requirement, you can simply apply online.