The State of Nevada requires contractors to obtain a bond for their license from $1,000 to $500,000. The Nevada Board of Contractors determines the specific amount that is required. A bond is required for each license class that a contractor possesses. The bond for this state is considered higher risk than others due to the ease of the public and suppliers to perfect a claim. Rates are driven by the credit worthiness of the applicant and financial wherewithal for the larger bonds. The rates start at a low of 2% for the most qualified contractors to 6% in the standard markets. If there are credits challenges the rates can jump to a high of 15%. IOA has a premium finance program for the higher bond rates. The bond must be counter-signed by a Nevada Agent. IOA has the proper license to ensure fast service.
For more information regarding this bond see the State of Nevada link below: