Applicants for the $50,000 Virginia contractor license bond through our agency will be required to have "good credit" in order to be approved for this surety bond.
Contractors licensed in Virginia are regulated by the Department of Professional and Occupational Regulation (DPOR). Laws, restrictions, and applying for contracting in the Commonwealth are found under the Code of Virginia, § 54.1-1106.
Contractors must also furnish evidence of a surety bond in order to be licensed.
AmeriPro Surety Bonds offers you the contractor surety bond as both a new (first time) and renewal surety bond.
The Virginia contractor license bond is a $50,000 surety bond required of contractors as a condition of licensing. There is no credit check for this bond; you are therefore, automatically approved. If the bond is purchased for 1 year, the premium is $1500; if purchased for 2 years, the premium is $2700, a $300 savings.
When you call our agency, we'll take the application from you over the phone. The application just consists of the name, exactly as it should appear on your bond, along with your address and phone number.
After payment of the premium, our agency issues the bond, along with a Power of Attorney (POA) form. We will notarize your bond as Surety, and upon receipt you'll notarize and sign your bond as Principal.
The bond is filed to the following address:
Commonwealth of Virginia, Department of Professional and Occupational Regulation
9960 Maryland Drive, Suite 400
Richmond, VA 23233-1485
The Virginia contractor license bond is a financial guarantee that a contractor will be in compliance with all statutes, amendments, additions, and deletions relating to any laws governing contracting in the Commonwealth.
The protections afforded by means of this surety bond extend to residents of the Commonwealth and DPOR.
The contractor surety bond, broadly speaking, protects against acts of theft, misrepresentation, malfeasance and misfeasance in the performance of contracting duties.
Such protections also extend to wrongful acts committed by any employees, agents, and managers of a licensed and bonded contractor whose actions or misdeeds harm the public.
While the Virginia contractor license is a $50,000 surety bond issued in favor of the Commonwealth, the maximum payable amount of any one claim that will be paid from the surety bond, due to the failure of the contractor licensee to pay a judgment, is $20,000.
The aggregate total for all claims, however, remains $50,000.
Of note is that should any claim be paid against your surety bond, you are required to reimburse the surety for all costs and fees involved in the settlement of any claim.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit, contractor, court, and fiduciary surety bonds throughout Virginia and nationwide.
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