New Hampshire Consumer Guaranty Contracts Bond Guide
If you want to offer consumer service contracts in New Hampshire, you’ll need to register with the Insurance Commissioner and file a surety bond.
Bond Overview
- Purpose: To guarantee compliance with consumer contract terms and state laws
- Who Needs It: Companies providing service contracts to consumers in New Hampshire
- Regulating Body: The New Hampshire Insurance Department
- Required Coverage: $25,000–$125,000
- Premium Rate: Credit-based, starting at 0.5%
Read on to learn more about the bonding process.
What Is a New Hampshire Consumer Guaranty Contracts Bond?
A New Hampshire consumer guaranty contracts bond holds service contract providers responsible for upholding contract terms and acting legally.
The bond is a requirement to register with the State Insurance Department.
How Much Do Consumer Guaranty Contracts Bonds Cost?
New Hampshire consumer service or guaranty contract bonds cost 0.5–10% of the bond amount based on credit score.
For example, the starting price for the minimum $25,000 bond is $125. Request your free, personalized quote now.
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
Who Needs a Consumer Guaranty Contracts Bond?
Under Chapter 415-C of New Hampshire Revised Statutes, any company offering consumer guaranty contracts must register with the state.
This includes, but is not limited to the following contract types:
- Consumer service contracts
- Extended warranties
- Prepaid legal contracts
To register, contract providers also need a surety bond covering either $25,000 or 5% of all service contracts (up to $250,000).
How Does a New Hampshire Consumer Guaranty Contracts Bond Work?
By filing this bond, you enter a contract between three parties:
- Principal: The consumer guaranty contract provider filing the bond
- Obligee: The New Hampshire Insurance Department requiring the bond
- Surety: The provider issuing the bond
The bond creates a legal and financial obligation for you, the principal. You must uphold all terms or the obligee (or other harmed parties) can file claims on the bond to reimburse losses.
