What are the differences between the “Contractors License Bond” and the “Bond of Qualifying Individual?”
The Contractors License Bond is for the company or corporation that is licensed to operate in the state of California. The Bond of Qualifying Individual (BQI) is required for the qualifying individual who is a responsible managing employee (RME) or is a responsible managing officer (RMO) who owns 10% or less of the voting stock/equity of the license entity. A BQI is required in cases where there are multiple RME/O’s for the licensed corporation. Both bonds are in the amount of $12,500. At this time, we’re not offering instant issue on BQI bonds.
