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Utility Bond
Utility bond is a surety bond which is issued to guarantee the payment of your utility bills. This bond is under the classification of a financial guarantee.
A utility bond is not a state or federal requirement, but required by a private obligee. Water companies along with power companies are usually the obligee for these types of bonds. The surety bond guarantees the payment of your utility bills.
Reasons why you have to have this bond
Some utility companies require these bonds to wave a security deposit.
if you have been late on your utility payments or you are currently past due.
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How do you qualify for a utility bond?
Applying for a surety bond is a lot like applying for a loan the surety will review your credit and financial condition to determine bonding credit.
We can write utility bonds for all 50 states even if you have been turned down by another company we can help.
We have great programs for clients that have credit issues or financial problems. Rates for Preferred credit can go as low as 1% if you qualify. The basic rate for these bonds are set at 2%. If you have credit issues the cost can be anywhere from 3% to 15% depending on your situation. Keep in mind since the majority of these bonds are under $1,000 minimum premiums may apply.
Some of the most common types of utility bonds are bonds for SRP, APS and Southern California Edison Company. You can apply for this surety bond online the application only takes a few minutes to complete
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