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Vermont Service Contract Provider Bond

The Vermont service contract provider bond is a minimum $25,000 surety bond. The standard approval rate is 2% of the amount required. Please call AmeriPro Surety Bonds at 844-589-9732.

Vermont Service Contract Provider Bond

AmeriPro Surety Bonds | 844-589-9732

 

 

 

Licensing of Service Contract Providers

 

 

 

The Vermont Department of Financial regulation is the governing body entrusted with the licensing and regulation of service contractor provider companies in the state.

Licensing includes a $600 fee, and the registration is good for a period of 3 years.

The surety bond requirement is as follows:

  • A minimum $25,000 surety bond;
  • Or 5% of the gross annual payments from all service contracts in force. You are also required to provide proof of your calculation of the amount required to the Department.

Our agency will not be able to assist you in determining the amount your business requires; we can only provide you with the state’s guidelines.

 

 

 

Qualifying and the Premium

 

 

 

Obtaining your Vermont service contract provider bond involves completing a surety bond application. The application can in many cases be taken from you over the phone. If required, we can sometimes even allow you to provide an electronic signature.

Once your application is submitted, it is reviewed by an underwriter. This review includes a credit check inquiry. Good credit will be required for approval.

The standard rate for this bond is 2% of the amount required: a $25,000 will have a $500 premium; a $100,000 bond will have a $2000 premium.

Once your bond has been approved and the premium paid, our agency issues it to you along with a Power of Attorney form.

Upon receipt of your original bond by mail, you’ll sign it as Principal and mail it to the following address for filing:

Licensee and the Commissioner of Financial Regulation

89 Main Street

Montpelier, VT 05620-3101

Attention: Producer Licensing

 

 

 

Your Surety Bond Term

 

 

 

The bond is issued for a period of one year. You’ll need to renew your bond at the end of or before the end of your bond term. It is likely that you’ll require a different surety bond amount upon renewal.

 

 

 

Purpose Of Your Surety Bond Requirement

 

 

 

The purpose of your service contract provider bond is to serve as a financial guarantee which ensures your compliance with state of Vermont Title 8, Chapter 113, Vermont Statutes Annotated, as amended.

 

 

 

About Us

 

 

 

AmeriPro Surety Bonds is an online surety bonds-only agency. We provide license and permit, court, probate, and other surety bonds in Vermont and all 50 states.

Please call our agency today at:

 

844-589-9732

 

Or, you may fill out the form below and a Surety Agent will contact you….

Request a Callback

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AmeriPro Surety Bonds

Our focus is exclusively surety bonds. We have two areas of concentration: YOU, our customer; and providing you with the surety bond that you need. Whether the bond is an "instant issue"; is for a contractor; a court bond; or one for a client with lower credit scores, AmeriPro Surety Bonds dedicates itself to providing our customers with a seamless, professional, and quick surety bond experience.

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