Is it true that the amounts of the Contractors License Bond and Bond of Qualifying Individual are scheduled to increase?
Yes, the amounts of both bonds were increased to $12,500 on January 1, 2007. Our clients did not need to buy a new bond because we arranged for a blanket rider to be filed with the Registrar of Contractors that automatically increases the amounts of our clients’ bonds to $12,500. Depending on the bonding company, you may be charged a partial premium for the increase in bond amount.
