What are the Bond and Insurance Requirements for Contractors in Alaska?
The Alaska Department of Commerce revised its licensing specifications for construction contractors. On January 1, 2015, the next bond amount depends on your credit score:
- general contractors must post $25,000 bonds
- general residential contractors must post $20,000 bonds
- mechanical contractors, specialty contractors, and home inspectors must post $10,000 bonds
- contractors whose work on one project with an aggregate contract price of $10,000 or less must post $5,000 bonds These bonds are subject to underwriting, so the amount you’ll pay for your bond depends on your required bond amount as well as on a review of your credit report.