West Virginia Utility Bond Overview
- Purpose: To guarantee payment for utility services
- Who Needs It: Certain high volume utilities customers in West Virginia
- Bond Amount: Determined by the utility company based on usage
- Minimum Price: Typically 1% of the bond amount
What Is a West Virginia Utility Deposit Bond?
West Virginia utility deposit bonds are an alternate form of financial security to ensure that customers pay their bills in full and on time.
American Electric Power Company and Appalachian Power Company currently require utility deposit bonds in West Virginia.
How Much Do Utility Deposit Bonds Cost in West Virginia?
Utility bond amount requirements are determined case by case. Verify your bond coverage with your utility company before applying.
West Virginia utility deposit bonds typically cost 1–10% of the total bond amount based on personal credit score. For example, a qualified applicant could pay just $500 for a $50,000 utility bond. Get your free quote now.
If you need a utility bond not listed here, please call 1 (800) 308-4358 for assistance.
How Does the Bond Work?
A utility deposit bond creates a legally-binding contract between a principal (you), obligee and surety provider (us).
| Bond Party | Description |
|---|---|
| Principal | The utilities customer filing the bond |
| Obligee | The utility company requiring the bond |
| Surety | The issuing surety provider |
If you fall behind on payments, the bond protects the utility company from loss up to the full bond amount. In turn, you must reimburse the surety for all claims paid out.
How Do I Get Bonded?
We make the WV utility deposit bond application process quick and easy. Follow these three steps to get bonded:
- Apply: Fill out a quick application form.
- Quote: Receive your free quote within one business day.
- Pay: Complete the purchase online or over the phone.
We’ll typically email you the bond unless the utility provider requires the original, physical bond form. Remember to file the bond with the company as instructed.
How Do I Renew My Bond?
If you need to renew your utility bond for another year, we’ll send you reminders in advance. Make sure the coverage amount is still correct. If so, simply pay the renewal invoice to extend coverage for another term.
If you need to update your bond amount, contact us at [email protected] with the new information.
