Ohio – Cleveland Electrical Contractor Bond |
AmeriPro Surety Bonds | 844-589-9732
Cleveland Electrical Contractors
In addition to being licensed with the state of Ohio, electrical contractors who wish to perform work in the city of Cleveland must also be licensed in the city and bonded.
The Cleveland electrical contractor bond is a $25,000 surety bond which is offered to you by AmeriPro Surety Bonds both as a new/first time bond and a renewal surety bond.
Cleveland Electrical Contractor Bond: The Purpose of this Surety Bond Requirement
As an electrical contractor, your may deal with the installation, repair, removal, and/or the replacement of electrical parts in buildings and homes in Cleveland.
The Cleveland electrical contractor bond, therefore, is a financial guarantee in favor of the city of Cleveland and its residents that all all electrical work will be performed according to Codified Ordinances of the City of Cleveland and any other relevant state laws.
The bond protects Cleveland by holding the city harmless from the failure of an electrical contractor to begin or complete work according to the Code, or to perform work which is substandard.
The bond also protects the city from any employees or subcontractors whom you may hire in connection with work performed within Cleveland.
Because this is a surety bond, not an insurance policy, the bond is solely for the benefit and the protection of the city of Cleveland.
In the event that a credible claim is filed and paid on your surety bond, it is your legal obligation to reimburse the surety in full for all costs involved in the settlement of any surety bond claim.
Cleveland Electrical Contractor Bond: The Premium and the Duration
The $25,000 Cleveland electrical contractor bond’s premium will be a small fraction of the bond’s amount.
The amount that you will be asked to pay will be determined by an application and a credit score. Applicants with good credit may pay around 1% annually for this contractor bond’s premium; however, again, the amount you will pay may be higher.
Once issued, this contractor bond will have an expiration date of December 31st of the year in which it is issued and made active.
As a condition for eligibility for continued electrical contracting work in the city, you will always need to keep a current, active surety bond on file with the city.
AmeriPro Surety Bonds provides contractor surety bonds throughout all of Ohio.
Our agency is a surety bonds-only company.
We also provide license and permit, court, and fiduciary bonds in Ohio and nationwide.
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