Virginia Board for Contractors Bonding Requirement
As of July 2017, the Virginia Board for Contractors has a new surety bond requirement that Class A and Class B contractors need to comply with when getting licensed.
Like other types of contractor license bonds, this bond acts as protection to the state and the public in case a contractor does not run their business or perform work in accordance with state laws. The bond form language states that bonded contractor must comply with “the provisions of Chapter 11 (§ 54.1-1100 et seq.) of Title 54.1 of the Code of Virginia, Board regulations, and other applicable requirements of law governing contractors.”
Lance Surety Bonds can help you get bonded at the lowest possible rates. Just submit our online application.
If you have questions, check out the sections below or call us at (877)-514-5146.
Questions about Contractor License Bonds
What’s the cost of the Virginia Board for Contractors Bond?
The bonding requirement for both Class and Class B contractors is $50,000. This amount only refers to your (and the surety’s) maximum liability under the bond agreement. In other words, in the event of a claim, you cannot be held liable for more than $50,000.
But the actual cost of this surety bond is just a fraction of the total value. Your exact percentage, or bond premium, depends on several factors about you and your business. The most important of them is your personal credit score. The table below can help you get an estimate of your expected premium based on your score.
|Bond Type||Surety Bond Amount||Credit Sore|
|Above 700||Between 650-699||Between 600-649||Below 599|
|Virginia Board for Contractors Bond||$50,000||$250-$625||$375-$750||$1,000-$2,500||$2,500-$5,000|
Keep in mind that the above values are provided for reference purposes only. Your actual quote may depend on a number of other factors.
Check out our “What Does a Surety Bond Cost?” page for more information on bond premiums.
Can I get bonded if I have a low credit score?
Applicants with a score of 650 or below, as well as those with no prior credit history or past due items in their reports, are considered high-risk. Surety bond companies assume some risk with each bond. The higher this risk, the higher quote they will charge.
However, in most cases you will still be able to obtain the bond. Lance Surety Bonds fosters relationships with the nation’s strongest surety providers. This not only guarantees that state governments will always accept your bond, but it also guarantees that you can get the best possible rate, since we match your application with the company that offers the lowest quote.
To read more about the process of getting bonded with bad credit, check out our dedicated page.
How do I apply for my bond?
You can apply and get a free quote today. Simply click on the banner below to start our quick online application process. One of our agents will get in touch with you and give you a free no-obligations quote on your Virginia Board for Contractors bond.
Once you get bonded, we’ll mail you the original bond form, which you should use as part of your application package.
These bonds are issued for a two-year term, and their expiration coincides with the expiration date of your contractor license. To renew your license you’ll also need to renew your surety bond, or your renewal application will be rejected. If you choose us as your surety bond agency, we will send you several renewal reminders ahead of the expiration date to make sure you don’t forget about your deadline.
Still have questions about your Board for Contractors bond? Simply call us at (877)-514-5146 and we’ll do our best to help!
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