Irrigation contractors in the state of Illinois must renew their surety bonds by February 28 to remain compliant with Section 225, 320/2.5 of the Illinois Compiled Statutes. The ILCS states:
“On a form provided by the Department, every irrigation contractor must provide to the Department an indemnification bond in the amount of $20,000 or an irrevocable letter of credit from a financial institution guaranteeing that funds shall be available only to the Department and shall be released upon written notification by the Department in the same amount for any work on lawn sprinkler systems performed by the registered irrigation contractor. The letter of credit shall be printed on the letterhead of the issuing financial institution, be signed by an officer of the same financial institution, name the Department as the sole beneficiary, and expire on February 28 of each year.”
Essentially, all currently-operating irrigation contractors in Illinois must renew their $20,000 surety bonds by March to avoid risking financial loss, lowered credit and a loss of license.
At SuretyBonds.com, we pride ourselves on the quickness, accuracy and value we provide to our clients throughout the bonding process. Barring any significant financial issues in the past year, Illinois irrigation contractors can expect to pay the same premium they paid last year for their bond. Irrigation contractors who have seen increases in their credit score might qualify for a better rate.
What are you waiting for? These bonds can be issued in just 5 minutes over the phone when you work with SuretyBonds.com. Call 1 (800) 308-4358 or fill out our instant online contact form to get bonded today!
To read up on all of the rules and requirements of maintaining and upholding an Illinois irrigation contractor license, visit the Plumbing Program page on the Illinois Department of Public Health website.