Mississippi

What Surety Bonds are Needed in Mississippi?

There are many different types of surety bonds that may be required in Mississippi. These will often be categorized as various types of license and permit bonds, contractor bonds, or court bonds.

Mississippi License & Permit Bonds

As the name suggests, a license or permit bond is a surety bond that an applicant must submit in order to obtain or renew a license or permit to do business in the state of Mississippi. These bonds guarantee that the principal (the person or business obtaining the bond) will operate in accordance with all relevant rules and regulations. Most license and permit bonds are mandated by a particular state agency, such as the:

• Department of Banking and Consumer Finance, which licenses check cashing businesses, consumer loan brokers, debt management services, mortgage brokers, and title service companies
• Department of Revenue, which licenses gaming establishments and companies that collect sales tax
• Motor Vehicle Commission, which issues business permits to motor vehicle dealers selling new and/or used vehicles
• Public Service Commission, which has jurisdiction over telephone solicitors

Our online tool makes it easy to find the Mississippi license or permit bonds you may be required to purchase for your business.

Contractor Bonds In Mississippi

Some Mississippi cities and municipalities impose their own bond requirements on contractors who want to bid on or work on construction projects in those locales. From Mississippi contractor bonds to bid bonds, performance bonds and more, you can find everything you need at Absolute Surety.

Mississippi Court Bonds

Mississippi courts often require plaintiffs or defendants to obtain a surety bond to ensure that court costs, any monetary damages or disputed debts will be paid in accordance with the court’s decision in the matter. People who are serving as executor of an estate, guardian of a minor or disabled adult, or in any other fiduciary capacity may also be required to obtain a surety bond as a guarantee that they will carry out the responsibilities of their position properly.

How Much Will A Surety Bond Cost?

The two cost for Mississippi surety bonds are: 1) the total amount of the bond and 2) the bond premium rate, which is based largely on the applicant’s credit standing. To calculate the cost, the bond amount is multiplied by the premium rate, which is usually lower for applicants with good credit (typically around 3%) and higher (anywhere up to about 15%) for those whose credit is less than stellar. Having bad credit typically doesn’t prevent an applicant from obtaining a surety bond—your premium may simply be higher.

What Happens When A Claim Is Filed?

The surety company is obligated to pay any valid claims against your bond, but you will then be obligated to recover that amount. It’s a good idea to choose a surety company like Absolute Surety that can mount a vigorous defense if you want to dispute a claim you believe to be invalid.

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Browse the Mississippi surety bonds available in our search tool, or reach out to us if you don’t see what you need. We likely cover it in our large book of business. Our experts are ready to help you get the bonds you need at competitive rates.