Surety bonds • New Mexico
New Mexico Contractor License Bond: $10,000 CID Requirement
New Mexico requires licensed contractors to furnish a $10,000 surety bond to the Construction Industries Division at initial licensure and each renewal, under NMAC 14.6.3. The bond is used to cure code violations the contractor caused and did not correct. Published prices start around $100 a year.
This guide covers the bond, how claims work, and cost. Blake Insurance Group is an independent agency, and a licensed agent can help with your bond and contractor insurance.
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The bond requirement
| Rule | Detail |
|---|---|
| Amount | $10,000 from a corporate surety authorized in New Mexico |
| When | At initial licensure and each renewal, in force for the full licensure period |
| Use | Cures division-certified code violations caused and not corrected by the licensee |
| Claims | Within two years after final inspection or certificate of occupancy, whichever is first |
| Cancellation | 30 days’ notice; the license is canceled if no new bond is posted |
Source: NMAC 14.6.3.
How much a New Mexico contractor bond costs
Premiums typically run about 1% to 3% of the bond amount, or roughly $100 to $300 a year for the $10,000 bond, depending on credit (Bryant Surety Bonds). See our surety bond cost calculator and general liability insurance guide.
New Mexico contractor license bond FAQs
How much is a New Mexico contractor license bond?
$10,000. Published prices start around $100 a year.
What is the New Mexico contractor bond used for?
To cure code violations the contractor caused and did not correct.
How long do New Mexico contractor bond claims last?
Claims must be filed within two years after final inspection or certificate of occupancy.
Related guides
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Important information
Compensation. The link in the partner quote box near the top of this page is sponsored, and Blake Insurance Group may be paid if you make a purchase. Sponsored placement does not affect the other information on this page.
Independent agency. Blake Insurance Group LLC is an independent insurance agency. Licensed insurance producer NPN 16944666. Licensed states: AZ, AL, TX, CA, NY, OH, FL, NC, VA, GA, OK, NM, IA, KS, MI, NE, SC, SD, WV, IL, NJ, PA, TN, and WA. Which insurance companies we can quote depends on our current appointments, the product, and your state. Mentioning a company on this page does not mean we represent it.
Cost figures. Published averages and ranges are cited from the sources named, as of the dates shown. They are not quotes and may not reflect your price, which depends on the insurer, the surety, your credit, the bond type, and underwriting.
Availability. Coverage, prices, discounts, and eligibility vary by insurer, state, and applicant, and are subject to underwriting. The issued policy controls.
Your next step
Tell us about your contracting business, and a licensed agent will help with your New Mexico contractor bond, or start a bond quote online with our partner.
