What are Mississippi Utility Bonds?
Get to know what this surety bond is for today!
Utility bonds are required by different utility companies in Mississippi prior to providing a service or restoring service.
The surety bond will serve as a guarantee or a deposit in case the Principal or the person who applied for a utility service defaults from his or her obligation such as paying the bill on time.
When this happens, the utility company will file for financial claims on the surety bond, up to its penal sum.
What are the Utility Bond amounts?
The bond amount will vary per utility company or provider. Before you apply for a utility bond, verify the full amount that you need with your provider.
Here’s a list of the utility providers in Mississippi:
- Mississippi Power
- Prentiss County Electric Power Association
- Columbus Light and Water
- Coast Electric Power Association
- Northcentral Electric Power Association
- Entergy Mississippi, Inc.
Once you have determined your bond amount, we will be able to give you your tailored bond premium.
If you know your bond amount now, you may get your FREE SURETY BOND QUOTE HERE!
What are the bond conditions?
- The surety bond agent or company should be authorized to conduct business in the State of Mississippi
- The surety bond should be made payable to the utility provider
- The Principal is obligated to comply with the rules set forth by the utility provider
- If the Principal commits a violation of the rules such as failure to pay the necessary bills on time and in full amount, the utility provider will be eligible to file a claim on the surety bond
How can I get a Utility Bond?
In order to secure this type of bond, you must seek the assistance of a surety bond company.
You will be asked to apply for this bond. If you’re ready to apply for one right now, you may easily do so HERE!
Once the application is received, the surety bond company will immediately process it. In our case, one of our expert surety bond agents will guide you through the whole process from the time you applied for the bond. We will make sure that you understand all the conditions before we issue the bond.
An underwriter will then evaluate the following:
- Your financial strength
- Your job/business performance history
- Your credit score
Once the pre-qualification process is fulfilled, we will execute the bond and send it to you!
If you need further information about this surety bond, call us at 800-333-7800!