Wyoming Surety Bonds

There are three main categories of surety bonds you need to know about:

• License bonds are the largest category of bonds. They are a pre-licensing requirement for many businesses who are applying to get a license or a permit in Wyoming.
• Contract bonds are needed during the different phases of a construction project. They ensure timely project completion and adherence to the contract.
• Court bonds may be required from individuals after a decision by a Wyoming court. Individual appointed as fiduciaries are one example of when a court bond might be needed.
  

The cost of each surety bond can be estimated in a few steps. First, you need to know the total value of the surety bond you have to post. For example, Wyoming auto dealer bonds are valued at $25,000. This sum is not what is required for the dealer to pay, however. It’s the maximum amount a dealer may have to pay if a claimant files a successful claim against them.

Instead, bond principals pay for surety bonds in premiums, most often annually or biannually. The premium is a few percentage points of the total value of the bond. For applicants with good credit, this percentage will rarely exceed 4%.

Besides the applicant’s credit score, other factors can also influence their premium. Liquid assets, such as cash on hand, or rich industry experience, can all affect your bond cost as well. For even more details and tips, be sure to check our What Does a Surety Bond Cost? page.

Getting bonded with bad credit is trickier, mainly because of the higher risk involved for surety underwriters. For some types of bonds, such as contract bonds, bad credit markets do not exist.

For all other bonds, most applicants can get bonded through our bad credit surety bonds program. It gives you access to the same A-rated and T-listed bond providers, and premiums are generally between 5% and 15% of the total value of the bond. You can talk to one of our surety experts to find out if there are ways to get a lower premium than you were initially quoted.

The process of getting bonded isn’t usually complicated, especially if you use our online application. You will get a free no-obligation bond quote based on the information you provide us.

Afterwards, we’ll get in touch with you to help you finalize the application process. Processing types will vary depending on the type of bond you need, but for most surety bonds we will be able to get your bond ready in just a few business days.

As always, don’t hesitate to give us a call at (877)-514-5146 if you have any difficulties with your application. You can read more about the process of getting bonded on our How to Get Bonded page.