![]() ![]() To the principal, they’re a form of credit. Surety bonds also protect the obligee in case the principal acts unethically. And the principal, that’s you- in this case is the plumbing contractor. The surety is the bonding company agencies connect you to these. ![]() The obligee is the entity requiring the bond, which is often a state regulatory agency. ![]() There are always three parties: the obligee, the surety, and the principal. No matter what the industry, bonds function the same way. They are a form of insurance for whoever requires the bond. Even though a business has to get bonded, surety bonds aren’t insurance for the business. Surety bonds are mandated by different government agencies, and they exist to protect consumers. But, to lend you a helping hand we’ve put together a quick guide to plumber license surety bonds. Like many contractors, plumbers have to go through some regulatory hoops in the process. The attractiveness of the job has made plumbing an expanding field, with the number of contractors percent between 20.Īnyone looking to go into the rapidly growing field of being a plumber is going to have to get a plumbing license surety bond as part of getting licensed. TIME magazine has reported that the average plumber makes $23 an hour, and that in-demand plumbers, in cities like New York, Chicago, Los Angeles, and Boston, can make up to $250,000 per year. In response to a question about rising college costs, America’s eighth richest man said, “being a plumber, for the average person, probably would be a better deal than going to Harvard.”īloomberg isn’t the first prominent person to point out how lucrative the field of plumbing is. Last year, the plumbing profession got an unexpected boost from New York City’s then-mayor, Michael Bloomberg. ![]()
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