Utility Surety Bond Definition: What is It and Why Do You Need One?
You are required to get a surety bond for your utilities to protect public or private utility companies. If you do not pay utility bills on time, a claim can be filed on your bond. If you would like to learn more about what surety bonds are and how they work, you can read our detailed guide here.
How Much Does a Utility Bond Cost?
Pricing is a small percentage of the required bond amount (usually 1-15% of the required bond amount).
What is the bond process?
Apply, receive a quote online, sign the surety agreements, pay online and then we will ship the bond out.
Where can I get a utility bond form?
The utility company will provide their own form. If not, we have generic utility bond forms on file. If you would like to use one of our template forms, it is a good idea to ensure it is acceptable to the utility company prior to purchasing, as bond premiums are "fully earned" for the first year.
Will the utility company turn on utilities before I get a bond?
Usually, no. The utility company generally wants a bond in place before turning on the utilities.
Are utility deposit bonds required by both private and public utility companies?
Yes. Both may require bonds as they protect the utility company from individuals who historically miss payments.
Can I obtain a utility revenue bond without collateral?
You must contact us immediately, as we have a team of claim specialists here to find a resolution for you. Keep in mind, it is crucial that you work with an expert in the surety industry. Learn more about how to ensure you choose the proper bond company.
Our company has been with JW Surety for several years now so when we needed to obtain a bond for a new company, we immediately went to them for help. Our rep, Melissa, was extremely helpful and prompt which made the process extremely easy for me.
Trying to get a local Surety Bond was like driving a car on three tires. I searched Surety Bonds and found JW Surety Bonds. I got online and filled out the information and with in 30 minutes received a response from Melissa. She was informative, friendly and helpful. One more super satisfied customer.
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We are a family owned and operated agency established in 2003. We started with just two people, and grew to become the largest volume bond producer in the nation with 50+ employees. Since day one, our team focus has been on providing real-time online quotes, an easy process, and the best in claims defense. Learn more about our company.