Utility deposit bond cost
Utility deposit surety bonds in Mississippi are required on a case-by-case basis by various utility companies in lieu of deposits for utility services. If you’ve been told by your utility service provider (listed below or otherwise) that you must post a surety bond to receive utility services, the experts can help. Applicants should verify their required bond amount with their utility company prior to bonding.
Because these bonds are subject to underwriting, the price you’ll pay for your bond depends not only on your required bond amount but also on a review of your personal credit report. T
Why this bond
Utility deposit bonds are required to ensure that principals (utility customers) pay all utility bills on time and in full.
These specific bonds are required by the utility companies, not by Mississippi law. If a customer fails to pay his or her utility bill, the surety will be responsible for compensating the utility company for services rendered. The customer, however, must reimburse the surety for all monies paid out.
Additional information about utility bonds
Mississippi utility bonds have different requirements and cancellation clauses that are set by the individual utility companies. Entergy Mississippi, Inc. requires their customers to post minimum 1-year surety bonds in amounts of at least $2,000. These bonds remain continuous unless canceled by the surety. If the surety chooses to cancel the bond, it must mail a written cancellation notice to Entergy Mississippi, Inc. 60 days prior to the cancellation date.
Coast Electric Power Association bonds and Prentiss County Electric Power Association bonds also remain in effect unless canceled. The surety can cancel the bond by mailing written notice of cancellation to the utility company 30 days prior to the effective date of termination.
Mississippi Power Company utility bonds, Northcentral Mississippi Electric Association bonds and Columbus Light and Water utility bonds remain in full force unless canceled by the surety. The surety must mail a 60 day cancellation notice to the utility company to cancel the bond.
Before our team can get you bonded, we must know whether you need utility services for a business or residence as well as the account number given by the utility company.
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