ComEd Utility Deposit Surety Bond — required surety bond in Illinois. Apply online in minutes.
A ComEd Utility Deposit Surety Bond is a financial guarantee used in place of a cash deposit to secure electricity services from Commonwealth Edison in Illinois. It guarantees that the utility company will be compensated for the electricity consumed by a business or commercial customer. If a customer fails to pay their utility bills, the bond ensures the utility company can recover the outstanding balance.
Commercial and business customers establishing or expanding electricity services with Commonwealth Edison in Illinois typically need this bond. It is frequently utilized by companies that consume significant amounts of power and prefer to keep their working capital free rather than submitting a large cash deposit. Residential customers generally do not use this type of commercial utility bond.
Commonwealth Edison requires this bond to protect themselves from financial loss if a commercial customer defaults on their monthly utility bills. By holding a surety bond, the utility company is assured they can recover the cost of electricity provided even if the business faces insolvency or refuses to pay. It acts as a risk management tool for the utility provider while offering businesses a flexible alternative to cash deposits.
To get started, simply click Apply Now to access our secure, fast online application. The application takes approximately 5 minutes to complete, and our team at Noah Insurance Agency will begin processing it immediately. Once your bond is approved and issued, it will be conveniently delivered right to your email.
Bond premiums vary depending on the total bond amount required by Commonwealth Edison and the applicant's credit profile. To get exact figures for your specific situation, please apply online for a free, no-obligation quote.
Commonwealth Edison calculates the required bond amount based on your projected or historical electricity usage. You must verify the exact bond amount required directly with the utility company before purchasing your bond.
Yes, applicants with less-than-perfect credit can often still secure a bond, though underwriting requirements vary. You can apply online or call Noah Insurance Agency at 814-718-0060 to discuss your specific financial situation.
The bond must typically remain active as long as Commonwealth Edison requires a deposit on the account. You should verify with the issuing agency to determine if maintaining a good payment history over time allows you to eventually have the bond requirement waived.
Send us a note or call 814-718-0060 — a licensed agent will confirm the bond amount and requirements for you.
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