North Carolina State Contractor Bond |
AmeriPro Surety Bonds | 844-589-9732
State Contractors – North Carolina
Licensed North Carolina state contractors are regulated by the Board for General Contractors.
The Board provides a pdf printout of the laws and regulations for contractors operating in the state.
For those who require it, the contractor license bond is in one of 3 dollar amounts, all of which are provided for you by AmeriPro Surety Bonds.
North Carolina State Contractor Bond: The Amount of Surety Bond Required
- North Carolina contractors with a limited license must furnish the Department with evidence of a $350,000 surety bond;
- Intermediate licensees must obtain a $1,000,000 surety bond;
- Contractors with an unlimited license must obtain a $2,000,000 North Carolina state contractor bond.
Furthermore, according to North Carolina law, this surety bond amount is in addition to, not in replacement of, any other surety bonds required of you as a contractor.
The Premium or Cost for these Surety Bond Amounts
Because the surety bond amounts for even the smallest of these surety bonds is still quite large, the application process will be detailed with plenty of questions (particularly as it relates to financial matters) and may take a few days to complete (see below).
Besides information learned from you in your application, there will also be a credit report.
Since there are so many variables – application and credit — the amount that you will be required to pay may vary substantially.
As a very general and broad rule, for applicants who are well-qualified, the surety bond premium for each of these amounts may be as little as 2% annually — this comes to $7,000 for the $350,000 surety bond; $20,000 for the $1,000,000 surety bond; and $40,000 for the $2,000,000 surety bond.
We hasten to add that the amount may vary, and AmeriPro Surety Bonds will always work to find you the best surety bond pricing.
Premium financing may also be available for applicants who qualify for this surety bond.
The Purpose of this Bond
The NC state contractor bond serves as a financial guarantee which ensures your compliance with laws governing contracting in the state.
According to state law, this surety bond protects against others who suffer damage or harm as a result of:
- breach of contracting as it relates to labor, materials, and furnishings;
- failure to provide professional services as hired;
- errors by either commission or omission of duties as a hired contractor.
In the event that a claim were ever paid against your surety bond, you ultimately shoulder responsibility to reimburse the surety in full for all costs and fees involved in the settlement of any claim.
The Application Process for this Bond
As preparation for the application for this surety bond, you may be asked at least some of the following:
- Your Net worth (defined as your total assets, minus your liabilities);
- Your income and the source(s) of the same;
- Whether you have any unsatisfied judgments or tax liens;
- Whether you are party to a current lawsuit;
- Investments owned by you – their type, amount, and where they are held;
- Cash on hand in checking and savings accounts, and the banking institutions where these are held;
- Real and personal property owned by you;
- Whether you have filed bankruptcy in the past;
- Whether or not you have failed in any business endeavor;
Additional information as may be requested.
AmeriPro Surety Bonds is a surety bonds-only agency which provides license and permit, contractor, court, and fiduciary surety bonds throughout North Carolina.
Our agency also provides surety bonds nationwide.
Please call AmeriPro Surety Bonds today to begin the application process: