What is an Idaho surety bond?
If you’ve never heard the term “surety bond” before, it might be confusing at first. We’ve got all the information you need, to help you comply with this requirement without the hassle.
Surety bonds are a three-party agreement between a principal (posting the bond), an obligee (requiring the bond), and a surety (underwriting the bond). They are most frequently required from businesses wishing to obtain a license or a permit, though they can be required from individuals too. Generally, the purpose of surety bonds is to protect the public, and ensure compliance with certain regulations.
Compared to most states, Idaho has relatively few bond requirements. Fortunately, we can write all of them for our customers, at some of the lowest rates in the industry. We cooperate with a number of A-Rated, Treasury-Listed sureties, which allows us to issue your bond directly from our office, cutting out the middle man and helping you get your bond faster.
You can start your online application now by finding the bond you need in the table below, or continue reading for more information. Our surety bonds experts are there to assist you if you encounter any problems– simply call us at (877)-514-5146.
Find Your Idaho Surety Bond
|Contractor License Performance & Payment (State) Bond||HVAC Contractor's/Specialty Contractor's Certifica||State of Idaho Division of Building Safety HVAC Bo||Apply Now|
|Contractor License Performance & Payment (State) Bond||Plumbing Contractor's/Specialty Contractor's Licen||Division of Building Safety||Apply Now|
|Investment Advisor (Blue Sky) Bond||INDEMNITY BOND FOR INVESTMENT ADVISER||Idaho Department of Finance, Securities Bureau||Apply Now|
|Collection Agency Bond||Collection Agency||Dept of Finance||Apply Now|
|Insurance Adjusters Bond||Bond Of Public Adjuster||Idaho Department of Insurance||Apply Now|
|Mortgage Broker (1st & 2nd Mortgages) Bond||Surety Bond For Mortgage Broker||Dept of Finance, Consumer Finance Bureau||Apply Now|
|Mortgage Lender/Banker (1st & 2nd Mort.) Bond||Mortgage Lender||Idaho Dept of Finance||Apply Now|
|Auto & Mobile Home Dealers (New & Used) Bond||Vehicle or Vessel Dealer||Transportation Department||Apply Now|
|Auto & Mobile Home Dealers (New & Used) Bond||New and Used Manufactured/Mobile Home Dealer/Broke||Idaho Division of Building Safety||Apply Now|
|Auto & Mobile Home Dealers (Used Only, No New) Bond||Vehicle or Vessel Dealer||Transportation Department||Apply Now|
|Sport Permits Bond||Mixed Martial Art||Idaho Atheltic Commission||Apply Now|
|Professional Licenses (All Other) Bond||Advanced Deposit Wagering Bond||Racing Commission||Apply Now|
|Professional Licenses (All Other) Bond||Bail Agent Bond||Idaho Department of Insurance||Apply Now|
|Professional Licenses (All Other) Bond||Security Alarm Installation Bond (Boise, ID)||City Clerk's Office||Apply Now|
|Schools (All) Bond||Private Trade Schools||Board of Education||Apply Now|
|Wages & Fringe Benefits Bond||Farm Labor Contractor Bond||Idaho Department Of Labor||Apply Now|
|Money Transmitter Bond||SURETY BOND FOR MONEY TRANSMITTERS||Department of Finance - Securities Bureau||Apply Now|
Questions about Surety Bonds in Idaho
How much does an Idaho surety bond cost?
The cost you end up paying for your surety bond depends on two things: the total bond amount and the bond premium.
The total bond amount is different for each surety bond, and it refers to the protection that the bond offers to possible claimants. For example, an Idaho auto dealer bond has a total bond amount of $20,000. So if a defrauded client files a claim, they can get reimbursement up to $20,000.
The bond premium, on the other hand, is the sum that the applicant has to pay in order for the surety to underwrite the bond. Sureties set the premium amount based on the applicant’s credit score. An applicant with a good credit score can pay anywhere between 1% and 4% of the total bond amount. Premiums are usually paid in an annual or biannual basis.
Our What Does a Surety Bond Cost? page contains more relevant information on the topic.
Are bad credit surety bonds available in Idaho?
Your credit report is pretty important to bonding companies, but this doesn’t mean that getting bonded with bad credit isn’t possible.
Lance Surety Bonds has an exclusive bad credit program through which we help the majority of our clients get bonded. Bad credit premiums are in the range of 5% to 15% of the bond amount. If you have strong financial assets or rich industry experience, these are some factors that can help you get reduce your premium despite having bad credit.
Applicants with late child support payments or open bankruptcies are the only ones that cannot get bonded in Idaho.
How do I apply for an Idaho surety bond?
Applying for the surety bond you need is easy, thanks to our fast and secure online application. After completing it, we will give you a free no-obligations bond quote. Then, we will contact you and help you finalize the rest of the application process.
Most surety bonds have quick processing times, and we can issue them within 1 or 2 business days. Don’t hesitate to call us at (877)-514-5146 if you have any questions regarding your surety bonds application.
Most Popular Surety Bonds in Idaho
Required by the Director of the Idaho Department of Finance, this bond ensures that all collection agencies properly account for and pay over the proceeds of any collection made or money received for payment or prorating to creditors. There is a $15,000 minimum bond amount required.
A $25,000 bond is required by the Department of Finance of all investment advisers operating in the state. The bond ensures compliance with the provisions of the Uniform Securities Act of the State of Idaho.
This bond guarantees that all mortgage brokers or mortgage lenders operating in the state will not violate the provisions of chapter 31, title 26 of the Idaho Code, federal law, or any regulation pertaining to mortgage lending activities set forth in section 26-3102, Idaho Code.
A $20,000 bond is required of all vehicle dealers (new or used), unless selling only motorcycles, ATVs, UTVs, or snowmobiles. For these smaller vehicles the bond is just $10,000. The bond ensures that dealers will not make any fraudulent representation, or violate any provision of the Dealer and Salesman Licensing Act, Chapter 16, Title 49, Idaho Code.
This is a financial guarantee type of surety bond, i.e., it makes sure that tobacco sellers, distributors, and manufacturers pay all taxes imposed under Chapter 25, Title 63 of the Idaho Code. The bond amount equals twice the tax amount of the previous fiscal period.
If you manufacture, distribute, or sell wine in the state of Idaho you will need this type of surety bond, which ensures payment of taxes under Idaho Code section 23-1319. The bond amount varies based on volume of sales.
You have to obtain a surety bond when you apply for an Idaho money transmitter license. The bond amount is between $10,000 and $500,000 and is based on the number of locations that you want to operate.