How much does a utility bond cost in Kentucky?
Certain utility service providers in Kentucky require customers to post surety bonds in lieu of cash deposits. Bond amounts vary on a case-by-case basis, so applicants should verify their required amount of bond coverage with their utility company prior to bonding.
Because the required bond amount and, therefore, the price of this bond can fluctuate so much, our experts recommend submitting a bond request to begin the bonding process. You’ll be connected with a surety specialist who will walk you through our fast and easy bonding process.
The experts at SuretyBonds.com can help you with all of your Kentucky utility bonding needs - whether your bond type is listed above or not. For more information, or if you’re ready to purchase your utility bond quickly, easily and accurately, call 1 (800) 308-4358 or submit a bond request now.
Why do I need this bond?
Utility deposit bonds in Kentucky are put in place to ensure that principals (utility customers) pay their utility bills on time and in full. If a customer accrues a balance for utility services received, the bond protects the utility company from financial loss up to the full amount of the bond. The principal, in turn, must reimburse the surety for all damages paid out.
SuretyBonds.com makes purchasing the Kentucky surety bond you need fast and easy. Apply for your free, no-obligation bond quote!
What’s the fine print?
The fine print on utility deposit surety bonds in Kentucky vary from utility company to utility company. Applicants should be sure they understand the terms of their bond agreement during the bonding process.
Duke Energy bonds remain in full force and virtue until canceled or violated. The surety can terminate its liability under the bond at any time by giving written notice of cancellation to the utility company stating the effective date of termination, which cannot be less than 30 days after the utility company receives the notice.
Owen Electric Cooperative, Inc. bonds can also be canceled by the surety if the surety gives written notice of cancellation to the utility company via certified mail at least 60 days prior to the effective date of cancellation. Owen Electric Cooperative, Inc. can also cancel the bond by giving written notice to the principal and the surety 30 days prior to the effective cancellation date. The utility company reserves the right to increase the required bond amount if needed.
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