A Utility Deposit Bond is a Surety Bond which is issued to guarantee the payment of your utility bills. This Bond is under the classification of a financial guarantee. A utility Bond is not a state or federal requirement, but required by a private obligee. Water companies along with power companies are usually the obligee for these types of Bonds. The Surety Bond guarantees that a person will pay for utilities on time. Most utility companies require this type of Bond before they ever turn on the utilities. While many other Surety Bonds protect the consumer, the utility Bond protects the utility company by ensuring it receives payment. Some Utility Companies will require that you obtain a Utility Deposit Bond to wave a security deposit for new service or if you have been late on your utility payments or if you are currently past due on your utility payment.
To learn more, please visit the Duke Energy website.
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What happens after I apply online for my Surety Bond?
Step #1: A Surety Bond underwriter will immediately review your application, if it has been fully completed.
Step #2: A friendly Surety Bond expert will reach out to you to explain your quote or request additional information.
Step #3: Once you accept your quote and pay any premium due, your Surety Bond will be issued and delivered immediately.