Menu
Home>Levelset Community>Legal Help>1) small speciality contractor; 2) performance bond, I think?; 3) WA State; 4) Refund of Premium

1) small speciality contractor; 2) performance bond, I think?; 3) WA State; 4) Refund of Premium

WashingtonLicensesPerformance Bond

I had a small specialty contracting business, Finish Carpentry. I had a performance bond issued by an insurance company, upon my making a one-time payment to the insurance company. I can't remember the name of the insurance company. I think I made a one-time payment to secure the bond, and the insurance company held onto my money to secure the bond. There was never any claims made against my bond. After 12 years of contracting, I closed my business. I forgot about the bond. Recently, I have been contacted by the bondholder/insurance company 26 years after closing my business because they are holding the money I paid to secure the bond, and they want to return it to me. It has accrued interest through the years. 1) From the above information, can you tell me what kind of bond I had? 2) I lost the letter I received from the insurer and I would like to know how I can find out the name of the company that was my bondholder/insurer. It was approximately 26 years ago that I closed my company, and I cannot remember the name of the insurer. Can you tell me how I can research that and find this information? Thank you very much. A. Mastick

1 reply

Jun 24, 2020
What you're referring to sounds like a license bond, not a standard performance bond. Generally, to obtain a license, most contractors will have to secure a license bond and submit it along with their other licensing application materials. By and large, that bond is there to protect consumers - if there was a dispute between you and a client, they might be entitled to look to that bond in order to be made whole. If you were licensed with the state, you might be able to contact the licensing board's office and ask them to search through their archives to look for your application - that might have the surety's information on it. Alternatively, going through past bank records for that time might show who the bond company was. Or, contacting this insurance/bond company that reached out to you might be a good step, too. I hope this was helpful!
0 people found this helpful
Helpful