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Connecticut Construction Bonds

At Surety Bonds Agent, we offer a full range of surety bonds nationwide through an extended carrier network. Continue below to learn more about Connecticut construction bonds. If you have additional questions or want to explore bonding solutions for your business, speak with one of our knowledgeable surety bond experts.

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It’s easy with our simple 3-step process:

  1. Personal Info
  2. Address
  3. Bond Type
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about bond type

What Is a Connecticut Construction Bond?

When project owners (public or private) require contractors to obtain construction surety bonds, the purpose is to gain some protection against the financial harm that a contractor’s regulatory or contractual violations can cause.

img What Types of Connecticut Construction Bonds May Be Needed?

Connecticut does not require contractors to be licensed at the state level. However, some Connecticut cities and other local jurisdictions do require certain types of contractors to be licensed and have made the purchase of a contractor license bond a prerequisite for licensing.

Connecticut’s Little Miller Act, the state’s version of the federal Miller Act, mandates both performance bonds and payment bonds from contractors working on state-funded projects of a certain size. Contractors hired by private project owners may also be required to furnish these bonds. Bid bonds may be required when contractors are selected through competitive bidding. Both government contracting authorities and private project owners may require a contractor to provide any of the following types of construction bonds:

  • Maintenance bonds
  • Subdivision/site improvement bonds
  • Supply bonds
  • Solar decommissioning bonds
  • Right of Way bonds
img How Does a Connecticut Construction Bond Work?

There are three parties to every Connecticut construction bond:

  • The obligee—the contracting authority or project owner requiring the bond
  • The principal—the contractor purchasing the bond
  • The surety—the party guaranteeing the bond

The obligee sets the required bond amount. The principal is legally obligated to pay valid claims up to that amount. And the surety guarantees that they will be paid by extending credit to the principal for that purpose. The usual practice is for the surety to pay the claimant directly, which creates a debt the principal must subsequently pay according to the surety’s credit terms. The surety can sue a principal who does not repay the debt.

costs

How Much Does It Cost?

The annual premium for a Connecticut construction bond depends on the required bond amount and the premium rate. The surety sets the premium rate through an underwriting process that assesses the risk of non-repayment for claims paid on the principal’s behalf. The metric used is the principal’s personal credit score.

A high personal credit score means the risk to the surety is low, so the premium rate will also be low. A low score is a sign of higher risk, which results in a higher premium rate.

The premium rate for a principal with good credit usually is in the range of 1% to 3%.

step by step guide

How Do Connecticut Construction Bonds Work?

  • Choose Your Bond Type

    Select the bond you need — commercial, contract, or any specialized bond. We help you find exactly what is required in your state.

  • Submit a Quick Application

    Complete a short online form. It only takes a few minutes, with no extra paperwork or long verification steps.

  • Get Approved & Receive Your Bond

    Get fast approval and receive your bond instantly by email. Your document is ready to use right away.

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Why Work With Us?

Easy Application Process

Simply fill out our convenient online application form to get started.

Extensive Carrier Network

We work with a wide range of carriers to provide many options to our clients.

Competitive Rates

As an independent agency, we can leverage our carrier network to find the most competitive rates for the bonds you need.

Quick Turnarounds

We work to get you bonded as quickly as possible, often in 24 hours or less.

Exceptional Service

Our experienced surety bond agents provide personalized assistance to help you understand your bonding requirements and options.

Call us Today!

And get a free consultation.

866-362-6637
Testimonials

What our customers say about us

Super easy process. I found the bond I needed in minutes and received the approved document the same day. Great experience overall.

Emily R., Business Owner
Contractor

The application was fast, the support team was responsive, and the pricing was clear. Very smooth and professional. Everything was explained clearly, and I appreciated how quickly I received my bond.

Jason M., Contractor
Small Business Owner

Super easy process. I found the bond I needed in minutes and received the approved document the same day. Great experience overall.

Emily R., Business Owner
Oberman & Oberman

The application was fast, the support team was responsive, and the pricing was clear. Very smooth and professional. Everything was explained clearly, and I appreciated how quickly I received my bond.

Jason M., Contractor
Oberman & Oberman

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Request an online quote today! Or speak with one of our knowledgeable surety bond agents about the commercial bonds you are interested in.

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