Maine Contractor License Bonds
Learn more about Maine Contractor License Bonds
How much does a contractor bond cost in Maine?
In Maine, general contractors are not required to be licensed and bonded at the state level. The state only licenses specialty contractors such as electricians.
General contractors are regulated on the local level. These cities, counties, and municipalities may have their own bonding and licensing requirements. In this situation, the government agency requiring the bond will determine the total amount of the bond.
The surety company issuing the bond determines your premium rate, which is the percentage of the total bond amount you pay as the premium. During the application process, the surety company evaluates your personal credit, financial statements, industry experience, and licensing history.
EZ Surety can issue premiums for Maine contractor license bonds for as low as 1% of the total bond amount for applicants with standard credit. If your credit is below average, we can still offer a competitive rate for your contractors license bond.
Why are contractor bonds important in Maine?
Contractor license bonds hold licensed contractors accountable for the quality of their work and protect the public from damages they’ve incurred due to the contractor’s violation of licensing laws.
When the surety company issues the bond, they provide a financial guarantee to the local municipality that the contractor will comply with the regulations set forth in the contractor license. If the contractor violates these regulations, causing a loss to the consumer, the consumer can file a claim against the bond.
If the claim is valid, the surety company will cover the costs to repair the damage up to the amount of the bond. The contractor is then liable to reimburse the surety company for all damages paid.
How do I get my general contractor's license in Maine?
Because general contractor licenses are not issued at the state level, you'll need to check with your local municipality for any licensing requirements. The State of Maine only licenses electrical, plumbing, and asbestos contractors.