In order to engage in general contracting on the islands the Contractors License Board may require all general and special contractors to provide a Hawaii contractors license bond. The surety bond can be no less than $5,000. In addition to guaranteeing compliance with the law the contractor bond also insures the payment of wages to those to whom they are due AND allows any party injured by the contractor to make a claim against the surety bond. The contractor’s surety bond must be filed with the Board along with the following:
- proof of workers’ compensation insurance
- bodily injury liability – $100,00 each person, $300,000 each occurrence
- property damage liability – $50,000 each occurrence
- place of business in Hawaii – post office box not accepted
- pass an exam on business, law, and a trade
Although these bonds have typically not been attractive to standard surety markets, Surety One, Inc., will provide them for good or bad credit risks. Visit us at SuretyOne.com, call (800) 373-2804, or email Underwriting@SuretyOne.com. Kou Hoaloha!
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