Who needs a Colorado Contractors License Bond?
Construction contractors are typically required to be licensed or registered with their state or local regulating authorities, and are often required to post a Contractor License Surety bond as part of the licensing/registering process. In Colorado, the requirement varies by Municipality.
What is the purpose of Colorado Contractors License Bonds?
These license and permit surety bonds serve as protection for the public against unlawful actions and fraudulent agreements of service at the hands of their contractor. They also guarantee that the contractor will provide ethical and professional services, at no harm or expense to their customers, in accordance with all applicable laws and regulations. Those who hire contractors with a Contractor License Surety Bond are assured that they have fully committed to the project’s completion as it has been agreed upon. Clients of a bonded contractor may also be protected against financial loss incurred if the project does not proceed as initially planned. If clients are dissatisfied with the services provided, they may file a claim against this surety bond for financial compensation.
What are the bond amount requirements for Colorado Contractors License Bonds?
Bond amounts and requirements vary depending on the type of work the contractor is preforming. Below are a list of the bonds available in Colorado. If you have specific questions on which one you need, please contact the Department of Regulatory Agencies.
- Denver Structural Contractor License Bond – $25,000
- Denver Sewer Contractor License Bond – $50,000
- Denver Special Contractor License Bond – $10,000
- Denver Cement Sidewalk Contractor License Bond – $10,000
- Denver General Contractor License Bond – $50,000
- Arvada Municipal Contractor License Bond – $20,000
What are the fees for Colorado Contractors Licenses?
- Plumbing License (Renewed every three years) – $160.00
- Electrical License (Renewed every three years) – $0.00
- Right of Way Licenses (Renewed Annually)
- Cement Sidewalk Contractor $50.00
- Excavator Contractor $50.00
- General Contractor $200.00
- Paving Contractor $125.00
- Sewer Contractor $50.00
- Special Contractor $50.00
- Structural Contractor $100.00
- Construction Licenses (Renewed every three years)
- General Class A $250.00
- Building Class B $250.00
- Residential Class C $250.00
- Specialty Class D $250.00
- Mechanical License $250.00
Can I get a Colorado Contractor License Surety Bond with bad credit?
Pacific Surety offers a wide range of approvals, regardless of credit, for Colorado Contractor License Surety Bonds. With our strong surety relationships, we have the ability to approve 99% of applicants, regardless of how bad their credit is. Our knowledgeable underwriting staff will work with you to ensure you receive the lowest possible pricing for your bond.
How much do Colorado Contractors License Surety Bonds cost?
Pricing for this type of bond varies and is based on a number of different factors including the personal credit of the applicant, the state or local authority requiring the bond, bond amount and term length. Applicants with strong credit can expect to pay between 1% and 3% of the total bond amount annually.
Pacific Surety offers industry-low rates and can obtain approvals for almost all credit situations. Once our simple application has been completed, we can have pricing to you within hours. If you have any specific questions, please contact our knowledgeable underwriting staff.
ADDITIONAL RESOURCES
- Colorado Department of Regulatory Agencies – https://www.colorado.gov/pacific/dora/
- Denver Contractor License Website – https://www.denvergov.org/content/denvergov/en/community-planning-and-development/contractor-licenses.html
- Verify a Contractor’s License – https://denvergov.org/contractorlicenses