{"id":2736,"date":"2017-07-30T23:01:05","date_gmt":"2017-07-30T23:01:05","guid":{"rendered":"http:\/\/suretyone.com\/blog\/?p=2736"},"modified":"2017-07-30T23:01:05","modified_gmt":"2017-07-30T23:01:05","slug":"virginia-contractors-license-bond","status":"publish","type":"post","link":"https:\/\/suretyone.com\/blog\/virginia-contractors-license-bond\/","title":{"rendered":"Virginia Contractors License Bond"},"content":{"rendered":"<p>A Virginia contractors license bond is required under certain circumstances when a contractor applies for authority to operate in the Commonwealth. The trigger for the surety bond requirement is contractor &#8220;net worth&#8221;. Virginia contractors are classified by the Department of Professional and Occupational Regulation,\u00a0<a href=\"http:\/\/www.dpor.virginia.gov\/Boards\/Contractors\/#Apply_Contractor\" target=\"_blank\" rel=\"noopener noreferrer\">Board for Contractors<\/a>. The classes are defined with some exceptions for specialty trades.<\/p>\n<ul>\n<li>Class A contractors perform or manage construction, removal, repair, or improvements when (i) the total value\u00a0referred to in a single contract or project is $120,000 or more, or (ii) the total value of all such construction, removal,\u00a0repair, or improvements undertaken by such person within any twelve-month period is $750,000 or more.<\/li>\n<li>Class B contractors perform or manage construction, removal, repair, or improvements when (i) the total value\u00a0referred to in a single contract or project is $10,000 or more, but less than $120,000, or (ii) the total value of all such\u00a0construction, removal, repair, or improvements undertaken by such person within any twelve-month period is $150,000 or more, but less than $750,000.<\/li>\n<li>Class C contractors perform or manage construction, removal, repair, or improvements when (i) the total value\u00a0referred to in a single contract or project is over $1,000 but no more than $10,000, or (ii) the total value of all such\u00a0construction, removal, repair, or improvements undertaken by such person within any twelve-month period is no\u00a0more than $150,000.<\/li>\n<li>Note: Landscape Irrigation and Water Well contractors must be licensed as a Class A, Class B or Class C contractor\u00a0regardless of the dollar amount of the project or contract.<\/li>\n<\/ul>\n<p>The Code as codified\u00a0obligates a contractor to file a Virginia contractors license bond as &#8220;proof of financial responsibility&#8221; if the contractor&#8217;s financial condition falls below certain thresholds. Per the DPOR, excluding any property owned as tenants by the entirely, applicants for a Class A\u00a0license must document a net worth or equity of $45,000 and Class B license applicants must document a net worth or equity of at least $15,000. The require subjects the obligation to adverse selection. The surety bond guarantees that the contractor will comply with <a href=\"http:\/\/law.lis.virginia.gov\/vacode\/title54.1\/chapter11\/section54.1-1100\/\" target=\"_blank\" rel=\"noopener noreferrer\">Chapter 11 (\u00a7 54.1-1100 et seq.)<\/a> of Title 54.1 of the Code of Virginia and all Board Regulations. The bond form contains a split-claims provision. The maximum amount payable by the surety for a claim arising out of a single transaction which meets the requirements\u00a0as set forth in \u00a7 54.1-1120.1 of the Code of Virginia shall be $20,000\u00a0but limits the surety&#8217;s aggregate liability,\u00a0regardless of the number of single claims made against the bond or the number of years the\u00a0bond is\u00a0in force,\u00a0to the penal sum of the bond.<\/p>\n<p><a href=\"https:\/\/suretyone.com\">SuretyOne.com<\/a>, Virginia surety bond leader is a bond underwriter, international insurance brokerage and surety-focused managing general agency licensed in all fifty states, Puerto Rico, U.S. Virgin Islands, Canada and Dominican Republic. We specialize\u00a0in\u00a0<em><strong>surety bonds\u00a0<\/strong><\/em>(commercial and contract), fidelity bonds, and pure financial guarantee. Unique among surety underwriters, Surety One, Inc. enjoys very broad binding\/issuing authorities and non-standard capacity for subprime credit applicants.\u00a0Call (800) 373-2804 or email Underwriting@SuretyOne.com for more information about a Virginia contractors license bond\u00a0application package or information about any surety bonding need.<\/p>\n<p>#suretybond #suretybonds #performancebond #performancebonds #bidbond #bidbonds #SuretyOne<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A Virginia contractors license bond is required under certain circumstances when a contractor applies for authority to operate in the Commonwealth. The trigger for the surety bond requirement is contractor &#8220;net worth&#8221;. Virginia contractors are classified by the Department of&#8230; <a class=\"more-link\" href=\"https:\/\/suretyone.com\/blog\/virginia-contractors-license-bond\/\">Continue Reading &rarr;<\/a><\/p>\n","protected":false},"author":1,"featured_media":2737,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[139],"tags":[2440,1734,1871,51,2329,2436,2437,2435,2439,2438,2441],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.7.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Virginia Contractors License Bond<\/title>\n<meta name=\"description\" content=\"A Virginia contractors license bond is required under certain circumstances when a contractor applies for authority to operate in the Commonwealth.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/suretyone.com\/blog\/virginia-contractors-license-bond\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Virginia Contractors License Bond\" \/>\n<meta property=\"og:description\" content=\"A Virginia contractors license bond is required under certain circumstances when a contractor applies for authority to operate in the Commonwealth.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/suretyone.com\/blog\/virginia-contractors-license-bond\/\" \/>\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=\"2017-07-30T23:01:05+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/suretyone.com\/blog\/wp-content\/uploads\/virginia-contractors-license-bond.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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