Choptank Electric deposit bonds.
From $100.
Choptank Electric Cooperative may ask a new or higher-risk member account to post a security deposit before starting or continuing service, and will accept a surety bond in place of that cash deposit. The bond names the cooperative as obligee in the amount it sets for your account. Premiums cost 2% of the bond amount, $100 minimum.
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How much does a Choptank Electric deposit bond cost?
2% of the bond amount, from $100. Enter your amount in the calculator for the exact price.
Three steps. One sitting.
The Choptank Electric deposit bond has no long underwriting queue for the standard amount — enter your figure, apply, and send the executed bond to the cooperative. Here is the whole thing:
Apply online
Your account details, the bond amount Choptank Electric Cooperative set, and the effective date — that is the application.
Priced and issued
The premium is 2% of the bond amount, $100 minimum, and the executed bond is generated as soon as you pay. Larger amounts may get a brief review.
File with Choptank Electric
Send the executed bond to Choptank Electric Cooperative's member services department so your cash-deposit requirement is released. Wet-ink originals mailed on request.
What it is and who needs it.
What the Choptank Electric deposit bond actually does
Choptank Electric Cooperative is a member-owned, nonprofit electric cooperative headquartered in Denton, Maryland, serving members across the Eastern Shore. As a member-owned cooperative it sets its own member security-deposit policy for new or higher-risk accounts under its own governance rather than a rate case the Maryland Public Service Commission would set for an investor-owned utility.
Rather than compel a member to leave a cash security deposit on file, Choptank Electric Cooperative will accept a surety bond in the same amount instead. It is a three-party arrangement: you (the principal), the surety carrier, and Choptank Electric Cooperative (the obligee). If the account goes unpaid, the cooperative can claim against the bond up to the stated amount; if the surety pays, you repay the surety — the bond is not insurance for you.
The deposit figure itself is set by the cooperative for your specific account, generally based on payment history and estimated usage — there is no single statewide statutory number we can cite. Enter the bond amount Choptank Electric Cooperative quoted you; we price the bond at 2% of that amount, $100 minimum, and no credit check up to $15,000.
You need this bond if you are
Claims, renewal, filing, and what sets the price.
If a claim is made
A claim comes from the party the bond protects, the obligee named on the form, when the duty the bond guarantees is not met.
The surety investigates and pays a valid claim, up to the bond amount. You then repay the surety: a surety bond is a guarantee of your performance, not insurance for you.
Renewal and term
The premium covers a one-year term from the effective date you choose.
Renew before the expiry date to keep the bond in force: the license, permit or contract it backs expects continuous coverage.
How to file it
File with Choptank Electric. Send the executed bond to Choptank Electric Cooperative's member services department so your cash-deposit requirement is released. Wet-ink originals mailed on request.
What sets the price
The premium is 2% of the bond amount, $100 minimum: the amount the obligee sets moves the price, not your business profile.
No credit check up to $15,000. Above that, the carrier may run a soft pull, which never affects your score.
Where a check runs, it decides approval; the rate is the same for everyone approved.
Priced at the application.
Submit the application with the bond amount Choptank Electric Cooperative set for your account — the premium is 2% of that amount, $100 minimum, and the executed bond is ready to send to the cooperative the same day.
Start the application →Common questions.
Other Maryland bonds.
Price and requirements checked on the carrier’s application, . Page updated .
Skip the Choptank Electric cash deposit with one bond.
2% of the bond amount, $100 minimum. Enter the amount the cooperative set and see your exact price.