Maryland Utility Bond
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What Is a Maryland Utility Bond?
Maryland utility bonds ensure that customers pay their utility bills in full and on time. Whereas most surety bonds protect consumers, utility bonds protect utility companies by ensuring that the company receives payment.
How Much Does a Utility Bond Cost in Maryland?
The cost of a Maryland utility deposit bond is based on personal credit score and the bond amount. Work with your utility provider to determine your bond coverage requirement based on historical or expected utility usage.
You can expect to pay a small percentage of the total coverage amount for your Maryland utility bond premium. Apply today to receive an exact quote within one business day.
SuretyBonds.com works with the nation’s top surety providers to find the lowest pricing with no added fees.
How Do I Get a Utility Bond in Maryland?
Choosing SuretyBonds.com is the quickest and easiest way to get your Maryland utility bond. Just follow these four steps:
- Step 1: Apply for your bond online
- Step 2: Receive a free quote within one business day
- Step 3: Pay for your invoice online or over the phone
- Step 4: File the original bond form with your utility provider
After you purchase your Maryland utility bond, you’ll receive an instant digital copy. If you’re in a rush, select next-day or overnight shipping for your official bond form.
How Do Maryland Utility Deposit Bonds Work?
A Maryland utility surety bond ensures that large utility customers will pay their bills in full and on time. If they fail to do so, the utility company can file a claim to receive the payment. The surety provider will pay the claim amount and the bondholder must reimburse the surety.
Maryland utility bonds remain effective until released by the utility company and must be renewed annually. The surety can cancel this bond at any time by delivering written notice to the utilities provider.
Learn more in our Guide to Utility Bonds.
Who Needs a Utility Bond?
Most utility companies in Maryland require high-volume energy users such as manufacturers, restaurants or campgrounds to be bonded before turning on utility services.
Your utility company will notify you if you need to purchase a Maryland utility bond.
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