Hawaii Surety Bonds Explained
You may need to get a Hawaii surety bond in a number of situations. The most common ones include when applying for a business license, when bidding on construction projects, and for some court cases.
There are three parties to a surety bond. On one hand, you are the principal who needs the bond. The authority that demands this requirement is the obligee. The surety is the third entity which provides the bonding.
In the sections below you can find a detailed overview of Hawaii surety bonds. To find your bond, just use the easy online search.
Find Your Hawaii Surety Bond
|Freight Broker Bond (BMC-84)||N/A||FMCSA||Apply Now|
|General license & permit bond (not listed)||N/A||N/A||Apply Now|
|Contractor License Performance & Payment (State) Bond||Contractors License||Dept of Commerce and Consumer Affairs||Apply Now|
|Contractor License Performance & Payment (State) Bond||City of Honolulu Trenching Bond||City and County of Honolulu||Apply Now|
|Investment Advisor (Blue Sky) Bond||BOND FOR INVESTMENT ADVISER IN SECURITIES||Department of Commerce and Consumer Affairs||Apply Now|
|Collection Agency Bond||Collection Agency Bond||State of Hawaii||Apply Now|
|Professional Fund Raisers Bond||Professional Fund Raisers||Department of the Attorney General - Tax Division||Apply Now|
|Insurance Adjusters Bond||Public Adjuster Bond||Hawaii Insurance Division||Apply Now|
|Auto & Mobile Home Dealers (New & Used) Bond||Motor Vehicle Dealer||Motor Vehicle Industry Board - Department of Comme||Apply Now|
|Auto & Mobile Home Dealers (Used Only, No New) Bond||Motor Vehicle Dealer||Motor Vehicle Industry Board - Department of Comme||Apply Now|
|Sport Permits Bond||Promoter's||HI Mixed Martial Arts Program||Apply Now|
|Detectives Bond||Private Detective, Guard or Agency||Board of Private Detectives & Guards||Apply Now|
|Employment Agencies Bond||Professional Employer Organization Bond||State of Hawaii Prof. Empl. Organiation Program||Apply Now|
|Cemetery Permits Bond||Cemetery Authority Bond||Department of Commerce & Consumer Affairs||Apply Now|
|Professional Licenses (All Other) Bond||Activity Desk||Dept. of Commerce and Consumer Affairs||Apply Now|
|Professional Licenses (All Other) Bond||Time Share Plan||DCCA||Apply Now|
|Schools (All) Bond||Private Trade, Vocational or Technical School Bond||Dept of Education Community Education Center||Apply Now|
|Schools (All) Bond||Prelicense Real Estate School and Continuing Edcua||Dept of Commerce and Consumer Affairs||Apply Now|
|Money Transmitter Bond||Money Transmitters License||Dept of Commerce and Consumer Affairs||Apply Now|
|Telemarketing/Phone Solicitor Bond||Telemarketing/Phone Solicitor||Department of the Attorney General - Tax Division||Apply Now|
Questions about Surety Bonds in Hawaii
What is the cost of the bonding?
To answer this question, you need to know which type of surety bond you have to obtain. The total bond amount, i.e. the sum up to which a bond offers protection, is different for each bond and determined by the body requiring it.
In order to get bonded, you have to cover a small percent of this amount, which is called the bond premium. It varies based on the financial stats about you and your business. The most important of them is your personal credit score. Other factors that sureties can look favorably upon are strong financial statements, assets and liquidity, and in some cases, industry experience.
The typical bonding rates for applicants with stable financial profile are between 1%-5%. The stronger your finances are, the lower the percentage can get.
You can find detailed information about the formation of your bond price on our Surety Bond Cost page.
Can bad credit applicants still get bonded?
Surety underwriters take personal credit score seriously, so bonding with bad credit can be tough. We have designed our Bad Credit Surety Bonds program for applicants with less than perfect finances.
The bad credit premiums are slightly higher, as sureties attempt to mitigate the risk they are assuming as a result of underwriting the bond. Applicants typically pay between 5% and 15% of the total bond amount. Due to our collaboration with a long list of A-rated, T-listed sureties, we can still offer you a top rate.
How can I obtain my bond?
When you apply online, you also need to provide your paperwork in order to receive an exact bond price.
If you want to learn more about the bonding process, you can refer to the extensive How to Get Bonded guide.
Lance Surety Bonds’ experts are available to help. For any questions, you can reach us at (877) 514-5146.
Who Needs to Get Bonded in Hawaii
Not all surety bonds are designed to serve the same purpose, so it’s a good idea to be acquainted with the three main types.
License bonds are often needed when starting your company. Many businesses are subject to this requirement, as a way to protect the state and your customers. If you violate a license bond agreement, the obligee or an unhappy client can file a claim against you.
Contract bonds might be necessary if you are a construction contractor and want to work on a public project in Hawaii. They serve various purposes, but their general objective is to protect project owners and make sure the contractor hired to complete a project will do so within the deadline and according to the contract.
Court bonds are most often required from individuals who have been appointed fiduciaries by a probate court. When appealing a Hawaii court judgement, you may need another type of court bond, known as an appeal bond.
Most Popular Surety Bonds in Hawaii
Car dealers in Hawaii must get licensed to operate in the state, and the dealer bond is one of the mandatory requirements. The bond amount is between $10,000 and $200,000, depending on the type of license you apply for.
This bond guarantees that fees collected on behalf of clients will be rightly distributed to them. The required amount in Hawaii is $25,000.
The contractor license bond protects from fraud or non-compliance with applicable regulations. The Hawaii Contractor License Board sets the bond amounts.
Mortgage servicers in Hawaii have to provide a $100,000 surety bond in order to get licensed with the Department of Commerce and Consumer Affairs.
All freight brokers in the U.S. need to meet the licensing requirement of the FMCSA to post a $75,000 surety bond.