What is an Iowa Contractor License Bond?
In the State of Iowa, the license and permit surety bond requirements may slightly vary depending on the following:
- The city, county, and the town that you will be conducting your business in.
- The type of construction project you will be handling.
Contractors whose main business is located outside of Iowa will be required by the Division of Labor of the Iowa Workforce Development to submit a surety bond as well.
You must determine the local licensing and surety bond prerequisites of a certain jurisdiction before you start your application.
If you’re not sure about yours, give us a call today. We can help! Ask one of our surety bond experts today!
What is the bond amount?
|TYPE OF CONTRACTOR LICENSE|| |
|Out-of-State Contractor License Bond||$ 25,000|
|Out-of-State Contractor License Blanket Bond||$ 50,000|
· Electrical Contractor License Bond
· Licensed General Contractors Bond
· Electrical, Mechanical, Plumbing, and Sign Contractors’ Bond
· Plumber License Bond
· Wastewater Treatment and Disposal System Contractor’s License Bond
· Licensed General Contractor’s Bond
|Plumbing and Mechanical Contractor License Bond||$ 5,000 (minimum)|
Those who have excellent credit scores may qualify for a very low bond premium!
Find out what you need to pay by getting your FREE quote here!
What are the Contractor License bond conditions?
- The surety bond will be a legally binding agreement between these three key parties:
Principal – The contractor applying for the license
Obligee – The state, city, county, town, or the governmental agency to whom the bond is obtained
Surety – the surety bond company that will issue the bond
- The surety bond should be issued by a corporate surety who is authorized to conduct business in the State of Iowa such as Surety Bond Authority
- The surety bond should be written on a form approved by the Division of Labor of the Iowa Workforce Development
- The surety bond should be made payable to the State of Iowa, or the City, Town, or County in Iowa
- The Contractor is obligated to comply with the city ordinances, state laws, and all the other rules and regulations that govern contractors in Iowa
- In case of a valid violation committed by the Contractor, the aggrieved party will be able to file a claim on the bond
How can I obtain this type of bond?
STEP 1: Apply for the bond
You need to submit a bond application to us. If you’re ready to apply now, you may do so HERE!
STEP 2: Underwriting
We will ask you for a couple of important information needed for the bond. This will include your financial history, business performance history, and your credit score. An underwriter will carefully evaluate all those.
STEP 3: Bond execution
Once the underwriter is done with the underwriting process, we will immediately issue the bond and send it to you!
Need this bond immediately? Apply HERE today!