Oregon Landowner’s Water Well Permit Bond - $5,000
What is the Oregon Landowner’s Water Well Permit Bond?
In the State of Oregon, landowners planning to install, change, or abandon water wells in their grounds are required to secure their Water Well Permit prior the beginning of the project. Applicants must obtain their license with the Oregon Water Resources Department (OWRD) and pay a $500 fee.
Accordingly, one pre-licensing requirement is the Oregon Landowner’s Water Well Permit Bond which is in compliance with the provisions of the Water Well Owner's Handbook drafted by the Oregon Health Authority.
Why do you need an Oregon Landowner’s Water Well Permit Bond?
The State of Oregon, by virtue of the ORS 537.505 or the Groundwater Act of 1955, mandates landowners, who wish to conduct their own well construction, alteration, or even abandonment without the help of licensed professionals, to secure a Water Well Permit Bond prior any well construction.
The bond is a guarantee that owners will have the necessary equipment to complete the project without posing hazards to the public and that all necessary construction or alteration standards and applicable groundwater law are followed.
Apart from the mandatory legal compliance, securing your own licensing bond also ensures:
- Your credibility is boosted in terms of financial security
- You are able to use your full line of credit
- The confidentiality of your activities (unless requested by legal authorities)
- Your access to professional advice counseling from lawyers, estimators, and similar professionals
More details about the Oregon Landowner’s Water Well Permit Bond
The Landowner’s Water Well Permit Bond must be filed with the Oregon Water Resources Department. The bond must also be issued by a surety bond provider certified by the Oregon Department of Insurance. The parties in the agreement are:
- Principal (landowner/water well owner)
- Obligee (State of Oregon)
- Surety/Bond Company or Obligor (surety bond provider or insurance).
How much does an Oregon Landowner’s Water Well Permit Bond cost?
The cost of the Landowner’s Water Well Permit Bond in the State of Oregon will depend on the applicant’s credit score, industry experience, business history, and the surety provider’s financial background. Typically, the bond will be between $100 and $500 with premium rates ranging from 1% and 10%. Generally speaking, the better the applicants’ credit score, the better the premium rate they get.
Visit here and get your surety bond quote today!
How do I obtain this bond?
At Surety Bond Authority, we are dedicated to help you get your bond the fast and easy way. Here is a step-by-step guide to help you get started.
To secure your water well bond, be sure to transact with a reputable surety company early. If you are ready to get yours processed today, you can APPLY HERE. Rest assured our expert surety bond agent will guide you from the time of your application until the issuance of your bond.
- Completed bond application form (to be provided by our trusted surety agents)
- Bond forms (as designed and mandated by the state regulation department)
- Financial documents (this includes your bank account statements, sources of income, balance sheets, personal and business capital, escrow accounts, etc.)
- Other requirements as prescribed (seller’s permit, facility permit to legally conduct business, etc.)
In the assessment phase, our underwriter will need the following information:
- Nature of your business
- Credit Score
- Financial strength
For the speedy processing of your application, ensure you have gathered and provided accurate information upon submission.
Once the assessment is done, we will promptly issue your bond and send it your way. Contact us today and get your bond issued in no time.