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Thread: NC, Bondability

  1. #1
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    NC, Bondability

    I have thought of upgrading my limited license to intermediate, though I am unlikely to really need it.

    I had thought bondability only applied to unlimited license but it is also mentioned on website for intermediate. I saw the form but didn't quite follow it. Are any of you NC guys bonded? Is that done by an insurance agent or a court?

    Thanks for any feedback.
    Yes, I'll be happy to do a first class job for less than anyone else and take a dollar a week for 10 years.

  2. #2
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    When I got my unlimited some 35 years ago all we needed was a statement from the insurance company stating that I would be able to get bonding if I needed it.

    You get this bonding usually for large job and it basically insures the general contractor will get paid to get the electrical done if I should bail on the contract. I have never needed to actually get the bonding.
    They say I shot a man named Gray and took his wife to Italy
    She inherited a million bucks and when she died it came to me
    I can't help it if I'm lucky



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    Quote Originally Posted by Dennis Alwon View Post
    When I got my unlimited some 35 years ago all we needed was a statement from the insurance company stating that I would be able to get bonding if I needed it.

    You get this bonding usually for large job and it basically insures the general contractor will get paid to get the electrical done if I should bail on the contract. I have never needed to actually get the bonding.
    So, you may do a job over 50,000 and not have to get bonding? Is it upon demand of the GC or customer? How does the insurance company decide if you qualify? Did the process cost anything?
    Yes, I'll be happy to do a first class job for less than anyone else and take a dollar a week for 10 years.

  4. #4
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    Quote Originally Posted by jmellc View Post
    So, you may do a job over 50,000 and not have to get bonding? Is it upon demand of the GC or customer? How does the insurance company decide if you qualify? Did the process cost anything?

    I have done resi work for over $180,000 and didn't get bonded. Not sure how it works but large commercial jobs usually require it but not sure who demands it- the general contractor would be my guess. I always work for the same guys so they are not worried about me finishing the job. I guess there is always a possibility of death which could be an issue but 99.9% of my jobs are T&M.

    I also rarely do work over $50,000 except that rare one mentioned above...I had a few at $60,000-75,000
    They say I shot a man named Gray and took his wife to Italy
    She inherited a million bucks and when she died it came to me
    I can't help it if I'm lucky



  5. #5
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    Bonding is not liability or workman's comp- I have all that. The bonding is a completion bond or insurance afaik. The contractor just needs to make sure they don't get left high and ry because a sub bid so low and walks on the job. If that happened then the insurance (bonding) comes into play and they will cover the job.

    Because an insurance company says they will bond you doesn't mean they have to. For instance, if my assets were very low they aren't going to bond me for a million dollar job. In that case I would not be able to do the job
    They say I shot a man named Gray and took his wife to Italy
    She inherited a million bucks and when she died it came to me
    I can't help it if I'm lucky



  6. #6
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    The Bond Exchance

    Call these people, and they can help you out. In 2012 it was $100. I don't know what it is now. Takes very little time.

    704-366-6847
    -

  7. #7
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    It cost me around $350 last year when I went from limited to unlimited. Call your insurance co.

  8. #8
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    Quote Originally Posted by wirinfrenzy View Post
    It cost me around $350 last year when I went from limited to unlimited. Call your insurance co.
    That's interesting because AI have never paid for this bond that you are talking about. Maybe we are talking about 2 different things
    They say I shot a man named Gray and took his wife to Italy
    She inherited a million bucks and when she died it came to me
    I can't help it if I'm lucky



  9. #9
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    Quote Originally Posted by Dennis Alwon View Post
    That's interesting because AI have never paid for this bond that you are talking about. Maybe we are talking about 2 different things
    His insurance company might have thought he needed a bond, so they wrote one.

    IMO, it's just basically a credit check written to the board's spec. Oh yea, on your dime.

  10. #10
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    Quote Originally Posted by oldsparky52 View Post
    His insurance company might have thought he needed a bond, so they wrote one.

    IMO, it's just basically a credit check written to the board's spec. Oh yea, on your dime.
    yes basically a credit check. I provided a statement of bondability? (sp) to the state board whatever it was my insurance guy charged me around $350. maybe he over charged I don't know. all I did was make a phone call and they provided me a certificate. also I got rejected the first time by the state board because they misspelled my name and I had to resubmit. has to be in excess of 130,000

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