Surety Bond Professionals is a family-owned and operated bonding agency with over 30 years of experience. With access to a broad range of surety markets, our expert agents are ready to assist with all of your Alaska surety bond needs.
Required Surety Bonds in Alaska
Typical Alaska 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 | Alaska’s Lieutenant Governor | Varies | 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 |
| 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 Alaska
All Alaska surety bonds fall into one of these three broad categories: construction and contractor bonds, license and permit bonds, and court bonds. Each of these categories includes a number of different types of surety bonds.
Alaska Construction & Contractor Bonds
State and local governments alike require certain surety bonds from contractors in conjunction with public works projects valued over a certain dollar amount. The most common of these are bid bonds, performance bonds, and payment bonds.
Bonds in this category provide financial protection for subcontractors, workers, and suppliers. They also protect the public funds used to pay for a project.
Alaska License & Permit Bonds
State and local governments also require people applying for a license or permit to operate certain types of businesses to purchase a license or permit bond.
Alaska’s Division of Motor Vehicles, for example, licenses auto dealers throughout the state, but some local governments have their own licensing requirements for auto dealers. Similarly, there is statewide licensing of construction contractors by the Alaska Department of Commerce, Community, and Economic Development and may also be required to obtain a local license or permit.
The purpose of a license bond is to guarantee that the bonded individual will conduct business in a lawful and ethical manner or compensate anyone with a valid claim against the bond.
Alaska Court Bonds
Any court in Alaska can require a court bond, of which there are two main types:
- Appeal bonds—required in certain cases involving the appeal of a court decision, especially when contested property or financial damages are at stake
- Probate bonds—required from people managing the assets of another, such as an executor of an estate, guardian of a minor, or custodian of an adult.
Speak with a Surety Bond Professionals agent today to discuss your bonding needs.
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Whatever Alaska surety bond you might need, our experienced surety bond experts will get it for you at a competitive rate.
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.