West Virginia 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 West Virginia surety bond needs.

Required Surety Bonds in West Virginia

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

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Required Surety Bonds in West Virginia

West Virginia surety bonds are broadly categorized as construction and contractor bonds, license and permit bonds, or court bonds, with multiple bond types within each category.

West Virginia Construction & Contractor Bonds

Many states have their own version of the federal legislation known as the Miller Act, which requires contractors working on federally-funded projects valued at more than $100,000 to obtain performance and payment bonds. West Virginia’s “Little Miller Act” requires a contractor’s payment bond and a performance bond for 100% of the contract value, whatever that value might be.

West Virginia License & Permit Bonds

There are more than 30 different licensing boards in West Virginia, and certain other licenses and permits are issued by the West Virginia Department of Labor and various state agencies. Many West Virginia counties and cities also require a local license or permit in order to operate legally within the jurisdiction. In many cases, these licensing authorities require applicants to purchase a license and permit surety bond to guarantee compliance with applicable laws, rules, and standards.

West Virginia Court Bonds

West Virginia courts may require the purchase of a surety bond in certain situations. An appeal bond is required when appealing previous court decisions, especially when contested property or a large damage award is involved. A probate bond is required when a person is named to serve in a fiduciary capacity, such as an executor of a decedent’s estate.

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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.