Wyoming 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 Wyoming surety bond needs.

Required Surety Bonds in Wyoming

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

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Required Surety Bonds in Wyoming

Surety bonds in Wyoming—and every other state—are broadly categorized as one of the following: construction and contractor bonds, license and permit bonds, or court bonds.

Wyoming Construction & Contractor Bonds

Wyoming has its own version of the federal Miller Act that mandates the purchase of performance and payment bonds for federally funded construction projects valued at more than $100,000. Wyoming’s “Little Miller Act” requires the purchase of a surety bond in the full amount of the project for public works contracts valued in excess of $7,500. State-funded projects valued at more than $100,000 require a surety bond (or another acceptable guarantee for at least 50% of the project value).

Wyoming License & Permit Bonds

Wyoming licenses a number of occupations and businesses at the state level. In many cases, purchasing a surety bond is a requirement for licensing. For example, Wyoming requires a license and permit bond from money transmitters, mortgage lenders and brokers, motor vehicle dealers, collection agencies, and more. Some municipalities have their own licensing and bonding requirements for certain types of work.

Wyoming Court Bonds

Throughout the state of Wyoming, courts at any level can require certain individuals to obtain either an appeal bond or a probate bond. Anyone appealing a court decision, particularly one involving contested property or a large damage award, may be required to purchase an appeal bond. And an individual appointed to serve in a fiduciary capacity to manage the finances of another (e.g. the executor of an estate or guardian of a minor) may need to purchase a probate bond.

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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.