The California Bond of Qualifying Individual (BQI) Surety Bond is a $25,000 surety bond required by the State of California, Contractor’s State License Board. In addition to aCalifornia Contractor’s License Surety Bond, a California Bond of Qualifying Individual may be required. A BQI is required for any individual who is responsible for overseeing the construction operations of a licensed contractor in California, but who does not own at least 10% of the business. This includes individuals such as responsible managing employees (RMEs) and responsible managing officers (RMOs). A California Bond of Qualifying Individual is required if the license is qualified by a Responsible Managing Employee. It is also required if the license is qualified by a Responsible Managing Officer who does not own at least 10% of the voting stock of the corporation.
If a license has more than one Responsible Managing Employee or Responsible Managing Officer qualifying the license, each qualifier must follow the qualifier bonding requirements.
Requirements for the California Bond of Qualifying Individual:
The bond must be written by a surety company licensed through the California Department of Insurance, like Surety1.
The bond must be in the amount of $12,500.
The business name, license number, and qualifier’s name on the bond must correspond exactly with the information on the Contractors State Licensing Board’s records.
The bond must have the signature of the attorney-in-fact for the surety company.
The bond must be written on a form approved by the Attorney General’s Office.
The bond must be received at the Contractors State Licensing Board’s Headquarters Office within 90 days of the effective date of the bond.
How to Obtain a California Bond of Qualifying Individual
At Surety1.com we make it easy to obtain this surety bond. Our simple, three step process is:
Once these steps have been completed, the California Bond of Qualifying Individual will either be shipped to the bond principal or filed electrically with the CLSB, depending on which surety company provides the bond. 1-The name of the applicant on the surety bond application must match exactly the full legal business name of applicant for the license.