The cost of a surety bond can vary widely based on several factors, including the type of bond, the bond amount, the applicant’s credit history, and the specific requirements of the bonding company. Surety bonds are typically priced as a percentage of the total bond amount. The percentage, known as the premium rate, can range from 1% to 3% or more.
For example, if you need a $10,000 surety bond and the premium rate is 3%, you would pay a premium of $300. Keep in mind that this is just an illustrative example, and actual rates can vary.
Additionally, individuals with good credit may qualify for lower premium rates, while those with lower credit scores might face higher rates or have difficulty obtaining a bond.
Conservation United works with 20+ surety markets to provide bonding for trail projects, ensuring that your organization can access the best priced option in the marketplace. Contact us today for help with your next project!
