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Washington 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 Washington 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.

Contact Us for a Free Construction Bond Quote

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 Washington Construction Bond?

All Washington construction bonds serve the same basic purpose. They provide protection for project owners and the public against the negative financial impact of regulatory or contractual violations by contractors. The contractor (referred to as the bond’s “principal”) is legally obligated to pay valid claims for monetary damages incurred by the project owner (known as the bond’s “obligee”) or other injured party.

img What Types of Washington Construction Bonds May Be Needed?

Washington requires all contractors operating in the state to be registered and bonded. Registration requires the purchase of a contractor license bond.

Washington’s “Little Miller Act” requires performance bonds and payment bonds from contractors working on state-funded construction projects valued in excess of $35,000. And bid bonds may be required in competitive bidding situations. Some local jurisdictions and private project owners may be subject to bid, performance, and payment bond requirements. Washington contractors may also have to purchase other construction bonds, which could include:

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

The third party to a Washington construction bond is the “surety,” the bond’s guarantor. Although the principal is legally obligated to pay valid claims, the surety guarantees that they will be paid. In fact, the surety will extend credit for the purpose of paying claims, if that becomes necessary.

The usual practice is for the surety to pay the claimant, drawing on a line of credit established for the principal when the bond was purchased. This extension of credit creates a debt that the principal must repay in accordance with the surety’s credit terms. Not repaying the surety can result in a lawsuit to recover the debt.

costs

How Much Does It Cost?

The premium for a Washington construction bond is the product of multiplying two factors—the bond amount and the premium rate. The premium rate is set by the surety based on the risk of the principal not repaying the surety. This risk is best measured by the principal’s personal credit score.

A creditworthy individual is unlikely to pose much of a risk, so a high credit score deserves a low premium rate. Conversely, a less creditworthy principal will be assigned a higher premium rate because of the higher risk level.

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

step by step guide

How Do Washington 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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