Effective January 1, 2023, the Contractors State License Board of California (CSLB) will increase a contractor license bond to $25,000 as detailed in Senate Bill 607.
What does this mean for you?
To meet this requirement, we will automatically increase all eligible in-force California contractor license bonds to $25,000 on January 1, 2023 via a blanket CSLB-provided rider. View the CSLB Industry Bulletin here.
To maintain the principal’s current California contractor license bond term(s), a supplemental premium payment is required. The Surety Group will be direct billing supplemental invoices starting late October 2022. This is the same process used by the Surety Group when the California contractor license bond increased in 2007 and 2016.
Have more questions about your license bonds?
Whether you are a single-person operation or an expanding company, reach out to your agent so they can begin the process of getting a quote and making sure you have the right coverage in place to protect you and your company.