Frequently Asked Questions - Agent
The increase applies to the California contractor license bond (from $15,000 to $25,000) and the bond of qualifying individual (from $12,500 to $25,000).
Supplemental invoice will be sent by Tokio Marine HCC - Surety Group for bonds issued by American Contractors Indemnity Company and U.S. Specialty Insurance Company. Supplemental invoices will be sent direct to the bond principal starting late October 2022.
All supplemental payments will be direct billed to the bond principal. The agency will receive commissions via their Direct Bill statement which is generated monthly.
We strongly suggest all supplemental premium payments be made direct to Tokio Marine HCC – Surety Group. In the rare instance a bond principal pays your Agency directly, please immediately remit payment via the CA CLB Supplemental payment page to avoid truncation of the related bond term.
Login to Surety Online to access the Supplemental CA CLB payment page – Pay Now link and submit payment with your agency credit card.
Your Agency will receive a list of impacted bonds mid October 2022 via USPS. Access Surety Online to check supplemental payment status and reprint supplemental invoices.
No, American Contractors Indemnity Company and U.S. Specialty Insurance Company will file a blanket surety rider with the CSLB to increase the bond limit to $25,000.
The supplemental invoice provides various methods to remit payment. The suggested method is to access our online payment portal at clb.hccsurety.com, via QR Code. The online payment portal requires the bond number and PIN number found on the invoice.
Agents can manage existing bonds on Surety Online.
Our California contractor license bond premium rate percentages remain unchanged. The supplemental premium is calculated by applying the premium rate percentages to the increased $25,000 bond amount while factoring in the unexpired portion of the bond term post January 1, 2023.
December 31, 2022.
No. California contractor license bonds quoted and not yet purchased (active quotes) will be updated with the new $25,000 bond amount and premium on December 31, 2022.
No, Tokio Marine HCC – Surety Group will perform a second round of supplemental premium billing in late Q1 to capture California contractor license bonds issued between October 1 – December 31, 2022. Expect these supplemental billings to be billed in January 2023.
Our California contractor license bond premium rate percentages remain unchanged. The standard contractor license bond will have a 67% increase in bond amount resulting in a 67% increase in the premium.
Sample calculation: $15,000 California contractor license bond amount with a $100 annual premium will now generate an annual premium of $167 given the new $25,000 bond amount.
Contact the Tokio Marine HCC - Surety Group Renewals team at 800-486-6695, option 4, or at [email protected]