Utility bond cost
Customers are required by their utility companies to post utility deposit surety bonds on a case-by-case basis. Applicants should verify their required bond amount with their utility provider prior to bonding.We can can issue utility deposit bonds for most utility providers in Virginia.
Dominion Virginia Power requires some customers to post a 2-year surety bond in lieu of a security deposit. The amount you’ll pay for your bond depends on your required bond amount and a review of your personal credit report. The best way to find out exactly how much you’ll pay is to request a free bond quote now.
Why this bond
Dominion Virginia Power surety bonds ensure that principals (utility customers) pay the utility company for all services provided on time and in full.If the principal fails to pay all amounts due to Dominion Virginia Power, the bond protects the utility company from financial loss.
To make a claim on a Dominion Virginia Power utility bond, the utility company must provide the surety with copies of the applicable unpaid invoices or business records. The documents must be sent to the surety in writing. After receiving the documents, the surety has 30 days to respond to the request with a payment in full. If all applicable documents have been provided and the surety fails to pay the utility company within 30 days, a late fee of 12% per annum will be assessed on the principal’s outstanding balance until it is paid in full.
The surety can cancel the bond at any time after the expiration of the 2-year bond term. To cancel the bond, the surety must give written notice to Dominion Virginia Power 60 days prior to the effective termination date.
Apply for your surety bond
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