Hawaii Surety Bonds

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.

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.

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.

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.