Wyoming Surety Bond Overview
If you want to start a business in Wyoming you will likely need to apply for a business license. In the process of your application, you may be asked to obtain a surety bond. Alternatively, if you are a contractor and want to perform work on a project in Wyoming, you may also need to get a bond.
Why do I need a bond?
Bonds are agreements under which the bonded party (the bond principal) agrees to comply with various state laws and regulations. If the principal violates the agreement and thereby causes losses to the public, any particular individual or the state, these may file a claim against the bond. The surety that backs the bond will then investigate the issue and back claimants for as much as the full amount of the bond.
Do you know the name of the Wyoming surety bond you need? You can directly submit your application by finding your bond in the table below.
If you need more information about surety bonds, consult the sections further below. Our “What is a Surety Bond?” page is another resource you shouldn’t miss.
If you need additional help, feel free to contact our surety bond agents at 866.450.3412.
Find the Bond You Need
The table below contains a list of only the most popular surety bonds. If you can't find yours, fill out our online application and select "Not in the list".
|Freight Broker Bond (BMC-84)||FMCSA||N/A||Apply Now|
|Contractor License Performance & Payment (Local) Bond||City of Gillette||Contractor License Bond||Apply Now|
|Contractor License Performance & Payment (Local) Bond||City of Sheridan - City Hall 1st Floor||City of Sheridan, WY Contractor License Bond||Apply Now|
|Contractor License Performance & Payment (Local) Bond||Town of Jackson, WY||(Town of Jackson, WY) Contractor License Bond||Apply Now|
|Contractor License Performance & Payment (Local) Bond||City of Buffalo||(City of Buffalo, WY) Contractor License Bond||Apply Now|
|Contractor License Performance & Payment (Local) Bond||City of Torrington||(City of Torrington, WY) Roofing and Construction||Apply Now|
|Collection Agency Bond||Collections Agency Board||Collection Agency||Apply Now|
|Insurance 3rd Party Administrator Bond||State of Wyoming||Third Party Administrator||Apply Now|
|Mortgage Broker (1st & 2nd Mortgages) Bond||Commissioner of Banking, Dept of Audit||Mortgage Lenders & Brokers||Apply Now|
|Mortgage Lender/Banker (1st & 2nd Mort.) Bond||Commissioner of Banking, Dept of Audit||SURETY BOND FOR MORTGAGE LENDERS AND BROKERS||Apply Now|
|Auto & Mobile Home Dealers (New & Used) Bond||Department of Transportation - Motor Vehicle Servi||Motor Vehicle Dealer||Apply Now|
|Auto & Mobile Home Dealers (Used Only, No New) Bond||Department of Transportation - Motor Vehicle Servi||Motor Vehicle Dealer||Apply Now|
|Motor Vehicle (Non-Dealer, Not Listed) Bond||Wyoming Department Of Transportation||Wyoming Based Manufacturer Bond||Apply Now|
|Sport Permits Bond||Wyoming State Board of Mixed Martial Arts||Promoter License Bond||Apply Now|
|Itinerant Merchants Bond||City of Gillette||Itinerant Merchants Bond||Apply Now|
|Professional Licenses (All Other) Bond||Wyoming Game & Fish Department||Surety Bond for 2013 Taxidermist License||Apply Now|
|Sales, Use & Consumer Tax Bond||State of Wyoming||Sales and Use Tax Bond (Multiple Contracts)||Apply Now|
|Fringe Benefits Only Bond||Dept of Workforce Services, Worker's Comp Div||Non-Resident Employers' Bond||Apply Now|
|Appraisal Management||Wyoming Certified Real Estate Apprasier Board||Appraisal Management Company Bond||Apply Now|
Types of Wyoming Surety Bonds
Based on their purpose, surety bonds can be separated into three different categories:
- License bonds – mandatory as part of the license applications for a number of businesses in Wyoming.
- Construction bonds – contractors who bid or work on public projects in Wyoming will often encounter this requirement.
- Court bonds – in some cases, a Wyoming court may wish to protect one party’s interest by asking another party to post a court bond.
License and Permit Bonds
When applying for a business license in Wyoming, your application will in many cases need to be accompanied by a license bond. The purpose of the bond is simple: to protect the state and individuals against any fraudulent or unlawful business methods.
If you violate the agreement, any affected side has the right to file a claim using the license bond as foundation. You and the bond provider will be held legally responsible for making good on any valid claim.
The auto dealer bond, along with the contractor license bond and the mortgage broker bond, are some of the most frequently-requested license bonds in the state.
According to the Wyoming Little Miller Act, when a construction contractor wants to work on a state project, they will usually need to post a construction bond first.
Construction bonds are a way for the government to protect taxpayer money and their investment, as they can be triggered in case of contractor default or breach of contract.
Bid bonds, for example, are required during the bid stage of a project. When a contractor is awarded the project, the bid bond guarantees that they will agree to take the project and complete it within the price indicated in the bid.
Before starting work on the project, another type of construction bonds, called performance and payment bonds, will need to be posted, this time to protect against contractor default and delayed payment to subcontractors and laborers.
Have you been appointed a fiduciary by a court in Wyoming? Or do you want to appeal a judgment made by one? These are just two of the instances that may require you to post court bonds, called fiduciary bonds or appeal bonds, respectively.
In the case of fiduciary bonds, they make sure you protect the interest of the person with whose assets or property you were entrusted. In the case of appeal bonds, they are set in place to discourage unnecessary court appeals.
Cost of Wyoming Surety Bonds
Our surety bond calculator below will give you a rough estimate of your bond price. However, it’s always a good idea to understand how surety bond pricing works.
Each surety bonds has a total bond amount listed on it. Similarly to insurance, this amount refers to the maximum compensation a claimant can receive. The holder of the bond pays a bond premium to a surety bond underwriter, so the latter can vouch for their credibility. The premium is no more than a few percent points of the total bond amount.
How is surety bond cost determined?
The surety bond premium you will have to pay largely depends on your personal credit score. For a bond underwriter, this is the best indicator of the risk they undertake by underwriting each bond. Some other factors can also be evaluated if you choose to submit them:
- Personal and business financial statements
- Liquid assets
- Years of experience in the industry
For applicants with a high score the premium is usually between 1% and 4%. In case you have weak financials or credit issues (lack of credit history is considered the same as bad credit), you are considered a higher risk to the surety. Bonding companies compensate for the risk by asking for higher premiums, typically between 5%-15%.
Surety Bond Cost Calculator
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How to Get a Surety Bond in Wyoming
To apply for a bond, follow the instructions below!
License bond application
To apply for a license bond, complete our simple online application form. Shortly after, we will contact you with a free bond quote and further information.
Contract bond application
To apply for a contract bond, complete the online application based on the type of bond that you require. We'll then get back to you as soon as we have reviewed it.
If you need more information or help completing your Wyoming surety bond application, don’t hesitate to call us at 866.450.3412!
Want to explore more surety bond-related topics? Check out our Education Center, where you can find the answers to many of your questions, and learn everything you need to know.