Information on Energy Broker Bonds
SuretyBonds.com is legally licensed to issue energy broker bonds in all 50 states. Whether you work in Illinois, New Jersey, Pennsylvania or Maryland, we can bond you!
About one-third of the states in the U.S. have deregulated their energy markets, which means individuals can use competitive rates to encourage clients to switch energy providers. Government agencies in most states require that these energy brokers purchase surety bond insurance. Don’t worry if you’re wondering “What is a surety bond?” The experts at SuretyBonds.com know that many clients are not too familiar with surety bonds, so we developed this guide to bonding for energy brokers.
State Specific Costs
Energy broker bond costs and requirements vary greatly as the bond amounts and regulations surrounding each bond are established on a state level. Select your state below for more information about energy broker bonds in your area or call 1 (800) 308-4358 to speak with a surety expert.
Pay a Low Rate for Your Energy Broker Bond
The surety experts at SuretyBonds.com are brokers who represent the country’s top underwriters. This means we shop your bond around to make sure you get the lowest surety bond cost available. Your exact premium will depend on how much coverage you need combined with your personal application. Rates for these bonds are typically between 1 and 5% for applicants with good credit. For $10,000 of coverage, this translates to a $100 to $500 premium. Get your free, no-obligation surety bond quote today!
Bad Credit? No Problem!
Don’t let your low credit score keep you from getting the bond you need! SuretyBonds.com has an exclusive Bad Credit Bonding Program that allows us to approve 99% of applicants regardless of credit history. Apply now to get a bond – no matter your credit score!
Get Your Bond Quickly & Easily
At SuretyBonds.com, we know you want to start your work as an energy broker as quickly as possible, so we provide quick, easy and accurate bonding services. If you apply today, we guarantee to have a free, no obligation price quote to you within 1 business day. Your bond will be issued once your payment is processed. If you’re in a rush, choose our overnight shipping option. Get your surety bond insurance quickly, easily and accurately!
Learn More About Energy Broker Bonds
The exact protection these bonds provide depends on the legal language used on the specific contract. Each state has its own bonding requirements for energy brokers, so if you plan to broker energy in multiple states, you’ll have to purchase a bond in every state you’ll work in.
No matter what state the bond is issued for, three parties will be involved. When it comes to this type of bond, the three parties are as follows.
- Principal: the energy broker who purchases the bond
- Obligee: the state that requires the bond to ensure the credibility of a broker
- Surety: the insurance underwriter that issues the bond
If an energy broker fails to meet the bond’s terms, a claim can be made against the bond to access funds to pay retribution to harmed parties.
These bonds should not be confused with utility surety bonds that are used to guarantee that clients who consume large amounts of energy pay their utility bills in full and on time.