The risk associated with a specific bond type directly affects its cost. Contractor license bonds have limited risk, so they can typically be issued instantly for a low rate without a credit check. Mortgage broker bonds have high risk, so premiums are subject to a review of applicants’ financial credentials during an underwriting process.
Standard market underwriters typically calculate rates at 1-3% of the bond amount. For example, an applicant who qualifies for a standard market would pay just $250-$750 for a $25,000 passenger carrier/broker bond.
Requesting a free surety bond quote is the best way to determine your exact premium. You can request pricing information instantly online or by calling 1 (800) 308-4358. SuretyBonds.com is dedicated to providing every client with the bond they need for the lowest rate available.