|
Contractor's License Bond Requirements
Are there any bond requirements for
a contractor's license?
Yes. It is your task to file a Contractor's Bond in
the amount necessary for your license classification,
as well as expected annual gross volume. The bond might
be in the form of a surety bond or else a cash bond.
Additional information on bonding necessities is provided
in the license application packet.
Residential contractors are as well required to provide
a consumer security bond. This might be in the form
of a Surety Bond or else cash deposit in the amount
of $200,000.00, or payment into the Residential Contractors'
revival Fund. The application instructions provide detailed
information on this prerequisite.
Where can I get a bond?
You might obtain a Surety Bond from your insurance
agent or else from another insurance company which is
approved by the Arizona Department of Insurance to operate
in Arizona and issue contractor’s license bonds. Surety
bonds have need of an Arizona resident insurance agent's
absolute address and signature.
You may as well provide a bond in the form of cash
or else a certificate of deposit from any bank which
operates in Arizona. Contact whichever Arizona Registrar
of Contractors office to obtain a substitute to cash
assignment form if you wish to use a certificate of
deposit intended for your license bond.
|
