Surety Bond Professionals is a family owned and operated bonding agency with over 30 years of experience. Headquartered in Natick, MA, our expert agents are ready to assist with all of your Massachusetts surety bond needs.
Continue reading below to learn more about common Massachusetts bonding requirements, or use our online form to request a quote now.
Required Surety Bonds in Massachusetts
Typical Massachusetts bonds include (click on any for more info):
| Surety Bond | Obligee | Bond Amount | |
|---|---|---|---|
| Alcohol Bonds | Various State Entities | Varies | Apply Now |
| Appeal Bonds | Various Courts | Varies | Apply Now |
| Attachment Bonds | Various Courts | Varies | Apply Now |
| Auto Dealer Bonds | Division of Motor Vehicles - Dealer Licensing Bureau | Typically $25,000 - $50,000 | Apply Now |
| Bid Bonds | Project Owner or GC requiring bonds | Varies | Apply Now |
| Construction Bonds | Project Owner or GC requiring bonds | Varies | Apply Now |
| Contractor License Bonds | Various State/Municipal Entities | Varies | Apply Now |
| Court Bonds | Various Courts | Varies | Apply Now |
| Cryptocurrency Bonds | Various State Entities | Varies | Apply Now |
| DMEPOS Bonds | Centers for Medicare and Medicaid Services (CMS) | $50,000 | Apply Now |
| Encroachment Bonds | Various State Highway Department | Varies | Apply Now |
| ERISA Bonds | Fund Beneficiaries | Often ~ $1,000,000 but may vary | Apply Now |
| Express Script Bonds | Express Scripts (required on a federal level) | $500,000 | Apply Now |
| Fidelity Bonds | Employer | Varies | Apply Now |
| Freight Broker Bonds (BMC-84 Bonds) | Federal Motor Carrier Safety Administration (FMCSA) | $75,000 | Apply Now |
| Health Club Bonds | The State in which the Health Club operates | $50,000 | Apply Now |
| Janitorial/Cleaning Service Bonds | Varies | Varies | Apply Now |
| License & Permit Bonds | Varies | Varies | Apply Now |
| Lost Instrument Bonds | Typically runs to the Transfer Agent | Varies | Apply Now |
| Lottery Bonds | Various Lottery Commissions | Varies | Apply Now |
| Maintenance Bonds | Project Owner or Municipality | Varies | Apply Now |
| Marijuana Bonds | Various State Entities | Varies | Apply Now |
| Mechanic's Lien Bonds | Typically the Local/State Registry of Deeds | Varies | Apply Now |
| Money Transmitter Bonds | Various State Entities | Varies by State | Apply Now |
| Mortgage Broker Bonds | Bank Commissioner, Banking Dept. | $50,000 | Apply Now |
| Notary Public Bonds | Various Secretary of States | $500 - $25,000 | Apply Now |
| Paid Family Medical Leave (PFML) Bonds | Various State Entities | Varies | Apply Now |
| Performance & Payment Bonds | Project Owner or GC requiring bonds | Varies | Apply Now |
| Probate & Fiduciary Bonds | Various Courts | Varies | Apply Now |
| Real Estate Broker Bonds | MA Board of Real Estate Brokers | $5,000 | Apply Now |
| Reclamation Bonds | Various Government Entities | Varies | Apply Now |
| Solar Decommissioning Bonds | Typically Town/City/State | Varies | Apply Now |
| Subdivision/Site Improvement Bonds | Various Municipal Entities | Varies | Apply Now |
| Supply Bonds | Project Owner or GC requiring bonds | Varies | Apply Now |
| Title Bonds | State's DMV | Varies | Apply Now |
| Tobacco Bonds | Various State Entities | Varies | Apply Now |
| Utility Bonds | Utility Company | Varies | Apply Now |
Don’t see the bond you need listed? Get in touch and let our experts help!
Required Surety Bonds in Massachusetts
The three main categories of surety bonds required in Massachusetts are contractor and construction bonds, license and permit bonds, and court bonds. There are other types of bonds, but these are the ones that are most commonly needed.
Massachusetts Construction Bond Requirements
Contractors are generally required to obtain a contractor license bond as part of the process of becoming licensed by the Massachusetts State Board of Building Regulations and Standards. Contractors are also typically required to purchase other types of construction surety bonds in order to bid, win, or work on public works projects.
Required bonds for your project may include bid bonds, performance and payment bonds, supply bonds, and others. In Massachusetts, these bond requirements are established by various municipalities rather than at the state level. The bonds guarantee that the contractor will comply with all applicable rules, regulations, and standards and will fulfill all of their contractual obligations.
At Surety Bond Professionals, construction surety is our specialty. Our knowledgeable agents are on standby to help with all of your bonding needs.
Massachusetts License & Permit Bonds
License bonds are required as a condition for obtaining or renewing a license to operate certain kinds of businesses in the state of Massachusetts. They protect state agencies, municipalities and consumers from unethical or unlawful acts of licensed professionals. These bonds are the purchaser’s pledge to operate in a lawful and ethical manner.
Certain bonds are mandated at the state level by the agencies that issue licenses to operate specific types of businesses, such as:
- Private occupational schools that train drivers, cosmetologists, or real estate agents and brokers
- Mortgage brokers, lenders, and originators, money transmitters, debt collectors, etc.
- Health clubs, employment agencies, liquor stores, auto repair shops, auctioneers, public warehouses, and more
- Home improvement contractors, construction supervisors, and specialty contractors such as electricians and plumbers
Massachusetts Court Bonds
Court bonds are typically required as a way to ensure that people appealing cases at any level of the Massachusetts court system pay court-ordered damages, court costs, and legal fees in the event that they lose their appeal. Courts may also require bonds from estate executors, guardians, or conservators to ensure that they fulfill their duties honestly and ethically, in accordance with the law and the rules of the court.
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Our experienced professionals will gladly answer any questions you may have about Massachusetts surety bonds to help you get the bonds you need. Request a quote today!
Frequently Asked Questions
There are three parties to every surety bond agreement, which is a legally binding contract:
- The “obligee” is the state or local agency requiring the surety bond.
- The “principal” is the party required to purchase the bond.
- The “surety” is the company underwriting and issuing the bond.
- The obligee sets the required amount of the bond, which is the maximum amount that will be paid out on a claim. The obligee also spells out the conduct required of the principal in order to avoid claims against the surety bond.
Any party who suffers a financial loss because the principal has violated the terms of the bond has the right to file a claim against the bond. The principal is solely responsible for paying all valid claims.
However, the surety will often pay a claim and wait to be reimbursed by the principal. This ensures timely settlement of the claim and gives the principal some time to gather the necessary funds.