{"id":1518,"date":"2015-02-01T21:26:53","date_gmt":"2015-02-01T21:26:53","guid":{"rendered":"http:\/\/suretyone.com\/blog\/?p=1518"},"modified":"2017-07-06T23:51:31","modified_gmt":"2017-07-06T23:51:31","slug":"north-carolina-letter-of-bondability-new-requirements","status":"publish","type":"post","link":"https:\/\/suretyone.com\/blog\/north-carolina-letter-of-bondability-new-requirements\/","title":{"rendered":"North Carolina Letter of Bondability, New Requirements"},"content":{"rendered":"

Pursuant to changes in state law (NCGS Chap. 87, Art. 4) an electrical contracting license can be granted as a limited authority, under which a licensee can perform in a single electrical contracting project of a value not in excess of fifty thousand dollars ($50,000) and on which the equipment or installation in the contract is rated at not more than 600 volts, an intermediate authority, under which a licensee can perform a single electrical contracting project of a value not in excess of one hundred thirty thousand dollars ($130,000), or; an unlimited classification, under which a licensee shall be permitted to engage in any electrical contracting project regardless of value. New North Carolina Letter of Bondability<\/strong> requirements<\/a> have been likewise instituted with the law change. Further, the Board is empowered establish appropriate standards for each classification which are consistent with the provisions of G.S. 87-42. The Board may, by rule, modify the project value limitations up to the maximum amounts set forth in this Article for limited and intermediate licenses no more than once every three years based upon an increase or decrease in the project cost index for electrical projects in the State of North Carolina.<\/p>\n

On application for the North Carolina Electrical Contractor license<\/strong>, the applicant must\u00a0provide a bonding ability statement completed by a surety bond company licensed to do business in North Carolina, verifying the applicant\u2019s ability to furnish performance bonds for electrical contracting projects having a value in excess of fifty thousand dollars ($50,000) for the intermediate license classification and in excess of one hundred thirty thousand dollars ($130,000) for the unlimited license classification. This is a change in the previous North Carolina letter of bondability<\/strong> requirements of forty thousand ($40,000) and one hundred ten thousand dollars ($110,000) respectively. \u00a0The bonding ability statement financial information must be in the same name as the license to be issued. If the firm for which a license application is filed is owned by a sole proprietor, the bonding ability statement or other financial information may be furnished in either the firm name or the name of the proprietor. If the application is submitted in the name of a sole proprietor, the applicant must submit information verifying that the person in whose name the application is made is in fact the sole proprietor of the firm. Application materials must be submitted to:<\/p>\n

NC State Board of Examiners of Electrical Contractors
\nPO Box 18727
\nRaleigh, NC 27619-8727<\/p>\n

North Carolina surety bond leader<\/strong>,\u00a0Surety One, Inc.\u00a0is a specialist in providing for the bonding needs of the construction, electrical, HVAC and commercial contracting industries. \u00a0We offer this class of\u00a0surety instrument to all applicants in every state where contractors must provide verification of bondability. Call\u00a0(800) 373-2804<\/span>, visit SuretyOne.com<\/a> or email\u00a0Underwriting@SuretyOne.com<\/span>\u00a0for an North Carolina bondability letter<\/strong>\u00a0application or information about any surety need.<\/p>\n","protected":false},"excerpt":{"rendered":"

NC Letter of Bondability<\/p>\n","protected":false},"author":1,"featured_media":2512,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[168],"tags":[1873,1877,1874,1876,2266,2267,1875,2268,1878,2380,2379,1734,1871],"yoast_head":"\nNorth Carolina Letter of Bondability<\/title>\n<meta name=\"description\" content=\"A North Carolina statement of bonding ability is required pursuant to state law. 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Also known as a North Carolina Letter of Bondability, you can opt for limited or unlimited formats.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/suretyone.com\/blog\/north-carolina-letter-of-bondability-new-requirements\/\" \/>\n<meta property=\"og:site_name\" content=\"Surety One, Inc.\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Surety1\/\" \/>\n<meta property=\"article:author\" content=\"https:\/\/www.facebook.com\/Surety1\" \/>\n<meta property=\"article:published_time\" content=\"2015-02-01T21:26:53+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2017-07-06T23:51:31+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/suretyone.com\/blog\/wp-content\/uploads\/north_carolina_statement_of_bondability.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"627\" \/>\n<meta name=\"twitter:card\" content=\"summary\" \/>\n<meta name=\"twitter:creator\" content=\"@SuretyOne\" \/>\n<meta name=\"twitter:site\" content=\"@SuretyOne\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"C. 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