Nevada Surety Bonds

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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 Nevada surety bond needs.

Required Surety Bonds in Nevada

Typical Nevada bonds include (click on any for more info):

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Required Surety Bonds in Nevada

Nevada surety bonds all fall into one of three broad categories: construction and contractor bonds, license and permit bonds, and court bonds.

Nevada Construction & Contractor Bonds

In addition to purchasing a contractor’s license bond, construction contractors who are employed for public works projects sponsored by a state or municipal agency typically must purchase other contractor bonds. These could include bid bonds, performance bonds, and/or payment bonds.

Nevada License Bonds

Some occupations are regulated at the state level and require a license issued by the state. In these cases, a surety bond requirement is usually part of the licensing process. Funeral directors, check-cashing businesses, collection agencies, and construction contractors are all licensed at the state level and are subject to a surety bond requirement.

Nevada Court Bonds

At every level of the state’s judicial system, Nevada courts can require certain individuals to purchase a surety bond. Bonding requirements apply to the following:

  • When the plaintiff and/or defendant is appealing a court decision, especially one involving contested property
  • When an individual has been named to serve in a fiduciary capacity, such as an executor, custodian, guardian, or trustee with control over another person’s assets

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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.

What the principal in a bond agreement actually pays for a surety bond is a small percentage of the required bond amount established by the obligee. That percentage, known as the premium rate, is determined by the surety company based on the applicant’s credit score and other indicators of the likelihood of claims being filed against the bond. Those with good credit can expect a rate of 1-3%. Those with poorer credit may pay a higher premium.
No claim against a bond will be paid until the surety company has investigated and determined that it is valid. After making payment to a claimant, the surety company will demand reimbursement from the principal.