West Virginia Utility Bond
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How much does a utility deposit bond cost in West Virginia?
Often, utility service providers will require customers to post surety bonds in lieu of security deposits. If you’ve been told by your utility company that you need a surety bond, the experts at SuretyBonds.com can help you get bonded quickly and easily. Call 1 (800) 308-4358 to speak with a member of our team.
SuretyBonds.com offers American Electric Power utility deposit bonds for varying prices based on the applicant’s required bond amount and on a review of the applicant’s personal credit report. Applicants should verify their required amount of bond coverage with American Electric Power prior to bonding.
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Why do I need this bond?
Utility deposit surety bonds are put in place to ensure that principals (customers) pay for all utility services received on time and in full. If the principal does not adhere to these terms and develops an accumulation of unpaid bills for electric services, this bond acts as a safeguard for the American Electric Power company against financial loss up to the full amount of the bond.
If payments are not submitted in a timely manner, American Electric Power will send a letter to the applicant’s insurance company requesting payment. They will also review the applicant’s account periodically to monitor timely payments.
What’s the fine print?
American Electric Power utility bonds remain in full force and effect until canceled by the surety. The surety can cancel the bond by giving written notice via certified mail (return receipt requested) to the utility company 90 days prior to the effective date of termination.
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