The Minnesota Residential Specialty Contractor Bond is required by the City of Minneapolis. The Department of Licenses and Consumer Services has the bond amount set at $10,000. The bond states that the bondholder shall observe the ordinances and all other laws of the city.
Who needs the Residential Specialty Contractor Bond?
Individuals applying with the City of Minneapolis to be a licensed Residential Specialty Contractor must have this bond. The bond is one of the licensing requirements. A Residential Specialty Contractors is any person who owns/operates a residential specialty contracting business. This can be for both prime contractor or subcontractor. Licensed contractors can perform services in the following disciplines: Excavation, Masonry, Carpentry, Interior & Exterior Finishing, Drywall and Plaster, Roofing and other Installation Specialties.
What are other requirements?
Surety1 has compiled this list to help with the licensing process. Aside from the $10,000 surety bond, you need to prepare and comply with the following:
- License Application
- Certificate of Liability Insurance – General Liability
- premises and operations insurance
- products and completed operations insurance
Coverage amounts are:
- $100,000 for injury or death of one person
- $300,000 for each accident or occurrence
Why should I choose Surety1 for my Minnesota Residential Specialty Contractor Bond?
Surety1 has access to the best surety markets available. We will get you bonded quickly and at the best possible price.
Start the process by completing our easy to navigate, free online application form. Next, one of our licensed agents will contact you with a no-obligation quote on the bond premium. After that, when you’re ready to proceed, we’ll collect the premium payment and have you sign the agreement. Lastly, we’ll send your Minneapolis Residential Specialty Contractor bond to you through USPS Priority Mail. Overnight delivery is available, for an additional cost.
Surety1 started in 2003 and continues to issue surety bonds to all 50 states. Our fast and reliable service has earned us not only loyal clients but even an A+ rating from the Better Business Bureau.