The city of Newark, Delaware contractor surety bond amount required will depend on the category of your contracting profession, and the cost of construction in the city. The surety bond is a requirement of the Code Enforcement Division of Newark.
The breakdown is as follows by contracting specialty:
Minor Renovation Contractors –
Limited Subcontractors (HVAC, fire, plumbing, and mechanical)
Limited General Contractor
Unlimited General Contractor
Applicants for any Newark, Delaware contractor bond up to and including $50,000 amount, are approved automatically without a credit check. The application can be taken directly from you over the phone.
The surety bond premium amounts will be as follows:
For amounts greater than $50,000, in addition to a signed application, in addition to an application which you will need to have signed and witnessed, there is also a credit check.
Good credit will be required, and upon approval from the underwriters, the premium breakdown is as follows:
Your Newark contractor bond is good for one year from the date of issuance, and thereafter your surety bond and the premium renew.
For Newark contractor bonds across all categories and amounts, our agency offers you the option to prepay your premium up to 3 years. Prepayment of the premium offers you a savings over annual renewals; you also, of course lengthen the time between premium renewals.
Four reasons are given for your surety bond requirement. These are:
The wording of your surety bond goes into more detail.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide contractor licensing surety bonds throughout Delaware and wherever required nationwide.
Our agency is also a provider of license and permit, court, and probate surety bonds in all 50 states.
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