Washington, D.C. requires professionals, companies and agencies to post surety bonds to protect those with whom they do business. We carry all commercial surety bonds for license and permit needs, including motor vehicle dealer bonds, home improvement contractor bonds, plumber bonds, electrical contractor bonds, HVAC contractor bonds, check casher bonds and money lender bonds.
There are three different departments within the District of Columbia that administer licensing for these business and trades. All provide information online that makes the task of applying for a license fairly straightforward.
To make sure you are in compliance with Washington, D.C. bonding regulations, talk with our specialists today. NNA Surety Bonds has been providing policies to companies and individuals across the United States for decades.
If you want to operate a check cashing business in Washington, D.C., you must apply for a license through the Nationwide Multistate Licensing System & Registry (NMLS). You also need to file a $5,000 surety bond with the Commissioner of Insurance, Securities and Banking for each location at which you intend to conduct business.
By signing the bond agreement, you agree to abide by all the rules and regulations of the District as stated in D.C. Code Title 26, Chapter 3, operating your business in a trustworthy and ethical manner. Your premium for a $5,000 bond is a small percentage of the bond amount, and will vary depending on your personal credit score.
The District of Columbia Occupational and Professional Licensing Administration oversees licensure for electricians and electrical contractors. The Administration requires a surety bond, with amounts varying based on different factors. See the chart below to calculate your bond amount.
|Trade||Bond Amount (Company)||Bond Amount (Master)|
|Electrical (Regular Voltage)||$4,000||$2,000|
|Electrical (Low Voltage)||$2,000||$1,000|
By filing a bond, you agree to comply with the electrical bonding and licensing regulations of the District. Should an injured party file a successful claim against the bond, you would be responsible for repaying the amount of the claim to the surety.
The cost for this bond is a percentage of the bond amount, determined by an underwriter's assessment of your credit score and your business's financial health.
The D.C. Department of Consumer and Regulatory Affairs (DCRA) requires home improvement contractors to post a $25,000 surety bond for the duration of their two-year license period. This bond allows consumers to file a claim in the event that unprofessional or unlawful conduct causes them harm, and to recover damages if the claim is upheld. The contractor would then repay the amount awarded to the harmed party.
The premium for this bond could be as low as 1% of the bond amount, or $250, with excellent credit.
Money lenders in Washington, D.C. are licensed through the Department of Insurance, Securities and Banking. Lenders can obtain a license and post a $5,000 bond for each business location through the online Nationwide Multistate Licensing System & Registry (NMLS).
The surety bond provides protection for consumers and the District in case a money lender fails to act professionally, behaves unethically or fails to follow rules and regulations, causing financial harm.
Your cost for this bond could be as low as $100 with a high credit rating.
If you're engaged in the business of buying and selling new or used motor vehicles or trailers in the District of Columbia, you'll be required by the District's Department of Consumer and Regulatory Affairs to apply for a license and post a $25,000 surety bond for the two-year duration of the license.
The bond protects consumers from financial harm if you do not abide by the terms of the bond agreement. If a claim against your dealership is upheld, the injured party could be awarded damages from the bond, which you would then be required to repay.
The premium for highly qualified applicants could be as little as 1% of the bond amount, or $250.
Plumbers and gas fitters in Washington, D.C. are licensed by the District's Occupational and Professional Licensing Administration. The Administration requires a bond of $5,000. This helps to protect consumers from financial harm in case of shoddy work or unethical business practices.
Your premium for this bond can be as low as $175, depending on your credit score.
To be licensed in Washington, D.C. as an HVACR contractor, you must post a $5,000 bond to the Occupational and Professional Licensing Administration. The bond ensures you'll perform work in a professional manner and will comply with all applicable regulations. If that doesn't happen and a consumer or the District is harmed as a result, the injured party could be awarded damages from the bond, which you must then repay.
This bond starts as low as $175 for highly qualified applicants.
|Bond Name||Coverage Amount||Cost (Annual Premium)||Regulatory Authority|
|Check Casher Bond||$5,000||Varies||Washington DC Department of Insurance, Securities and Banking|
|Electrical Contractor Bond||$1,000-$4,000||Varies||District of Columbia Occupational and Professional Licensing Administration|
|Home Improvement Contractor Bond||$25,000||$250||District of Columbia Department of Consumer and Regulatory Affairs|
|Money Lender Bond||$5,000||$100||Washington DC Department of Insurance, Securities and Banking|
|Motor Vehicle Dealer Bond||$25,000||$250||District of Columbia Department of Consumer and Regulatory Affairs|
|Plumbing & Gas Fitting Bond||$5,000||$175||District of Columbia Occupational and Professional Licensing Administration|
|Refrigeration & AC Contractor Bond||$5,000||$175||District of Columbia Occupational and Professional Licensing Administration|
*Cost can vary depending on the bond amount required and your credit rating.Feeling confused about the different types of surety bonds required in D.C.? Our experienced representatives can walk you through the bonding process. We'll help you determine what bond you need and get you a fast, accurate quote. Contact NNA Surety Bonds today.