What is a Utility Bond?
Utility Deposit Bonds are surety bonds required by Utility Companies. Each has their own specific surety bond form; the principal (Applicant) is required to provide the required surety bond form.
The amount of the surety bond varies. Be sure to include the required amount on the Utility Deposit surety bond application to appear on the surety bond. In most cases the Utility Company will not turn your utilities on until you obtain the Bond. The Utility Deposit Bond guarantees that principal will pay utility bills to the Utility Company in a timely manner.
While many other surety bonds protect the consumer, the utility deposit bond protects the utility company by ensuring it receives payment. It is a financial guarantee product.
Many surety companies shy away from writing financial guarantee bonds due to their incurred losses. Not so with South Coast Surety.
Using our own In-House Underwriting Authority we write Utility Deposit Surety Bonds for a wide spectrum of credit profiles. We have the lowest rates in the country for those with solid credit and good solutions for those with credit challenges. Regardless of your credit situation South Coast Surety has the answer.
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