If you are a non-resident contractor in Delaware and the value of your contracting services is $20,000 or more, you are required to furnish a surety bond.
The bond amount is a formula:
That formula is: 6% of the amounts of $20,000 or more is the surety bond amount required.
The state also provides an application which you’ll need to complete. The surety bond purchased through our agency will be attached to your Delaware non-resident contractor application.
Qualifying for the Delaware non-resident contractor bond involves completion of an application and a credit check inquiry. Our agency uses a soft pull inquiry which will not adversely affect your credit score.
When you call us, we’ll take part of the surety bond application from you over the phone. This allows us to pre-fill portions of your application. You will need to complete, sign, and have witnessed (not notarized), your application.
Upon receipt of the completed application, your application is submitted to our underwriters who will review it, along with the credit inquiry.
Approval is based upon good credit; and the rate is 2% of the surety bond amount, with a $100 minimum.
Upon approval of your bond, and payment of the premium, our agency issues your bond to you immediately for filing along with a Power of Attorney (POA) form. The bond is mailed to you for filing.
Upon receipt, you’ll file sign your bond as Principal, filing it along with the POA form to:
Department of Finance, Division of Revenue
820 N. French Street
P.O. Box 8911
Wilmington, DE 19899
Your bond is active for one year from the date of issuance. It is renewed thereafter. In all probability you may require a different surety bond amount at the time of renewal, if you choose to do so.
Your bond is a financial guarantee that all taxes owed will be paid to the state of Delaware; as also any fee, liabilities, and penalties assessed in the course of your business.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit surety bonds for contractors in all 50 states.
Our agency is also a provider of probate, court, and hundreds of other categories of surety bonds in all 50 states.
Please call our agency today:
Or, you may fill out the form below and a Surety Agent will call you.