Effective January 1, 2016, the Contractors State License Board will be increasing the Contractor’s license Bond amount from $12,500 to $15,000 as per Senate Bill 467.
Expect to receive notices from your bonding companies regarding the increase in rate.
The details of the Senate Bill 467 can be seen here: Sec. 9 of SB 467
Yes! We’ve noticed many carriers have issued additional premium invoices for the increase from $12,500 to $15,000. It is important to pay these otherwise carriers have been prorating the renewal date of the bond accordingly.