How much does my contractor bond cost?
General and specialty subcontractors and contractors who conduct business within the State of Hawaii are required to post a surety bond. Bond amounts vary from applicant to applicant. Bond premiums are subject to underwriting. This means premiums are based on your personal credit report.
Knowing your given bond amount is a must when beginning the bonding process. To receive the bond amount you are required to post, contact the contractors license board at:
Contractors License Board DCCA, PVL Licensing Branch PO Box 3469 Honolulu, HI 96801 Contact Phone: 801.586.3000 Contact Fax: 808.586.3031 Contact Email: email@example.com
Contacting the license board prior to working with a surety expert will help speed up the bonding process.
Applicants with excellent credit can qualify to pay as low as 1% of their bond amount. Fill out a bond request or call us at 1 (800) 308-4358 to speak with a contractor surety professional today!
|Bond Type||Bond Amount||Cost by Credit Score*|
|680 and up||679 - 600||599 or lower|
|Contractor License Bond||Varies||1-3%||4-8%||10-20%||Apply Now|
Contact a bond expert to get your free quote today!
Why do I need this bond?
By posting a bond the principal guarantees to carry out business in full compliance with the provisions of Chapter 444 of the Hawaii Revised Statutes. This includes faithfully and promptly accounting for and paying all wages to employees. Specifically, this bond offers indemnity to protect all persons financially harmed by wrongful acts of the principal.
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What’s the fine print?
Bonds will remain continuous unless canceled by the surety. If the surety decides to cancel a bond, they must mail a cancellation notice to the State of Hawaii 30 days prior to the deemed cancellation date.
How to become a contractor in Hawaii
Applicants must meet the following criteria to apply for a contractor license:
- register with the Business Registration Division
- have a good reputation
- have workers’ compensation insurance and liability
- have a designated Responsible Managing Employee (RME)
License applications must be submitted and filed by the 20th day of the month in which the application is sent. The following items must be attached to each application:
- application fee
- credit reports of each partner/officer/member/manager
- financial statement
- tax clearance
- RME appointment
- entry registration
All licenses must be renewed by September 30 on even-numbered years.
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