In Nevada, utility companies may opt to have their customers provide a Utility Deposit Bond as a way to assure that their services will be paid for. In the case of the customer being late on their payment or missing it altogether, Jet Insurance Company will provide restitution to the utility company.
Jet Insurance Company offers this bond directly, with no involvement from middlemen brokers who tack on commission fees.
For a bond limit of $5,000, your Utility Deposit Bond can be purchased for as low as $100 with Jet. Of course, the utility company sets the bond limit in an amount they deem appropriate to cover expenses. The calculation could simply be an average monthly payment or several months’ worth of payments. Your rate will be determined by the limit as well as a soft credit check. See the chart below for preferred credit ratings at different bond limits.
The Utility Deposit Bond is a tool that utility companies use to ensure they will receive payment for their services. Oftentimes, the bond is a substitute for a cash deposit that may be required — choosing a bond allows you to pay just a small portion of the amount needed for the deposit instead of putting the whole deposit down.
The Southwest Gas Corporation, Las Vegas Valley Water District, and NV Energy rely on customers paying their bills to continue providing water, gas, and electricity services to Nevada residents. The Utility Deposit Bond helps fill any gaps if the customer fails to make payment.
A utility company won’t always require a deposit or surety bond. Usually, the deposit/bond is only set up when the utility company has reason to doubt that payments will be made, such as new customers, customers with poor credit, or customers with a tendency to have late or missing payments. Once there is enough evidence that the utility company can trust you, they will often void the need for a deposit or bond. The utility company can invoke or revoke the deposit/bond requirement at any time.
Jet’s application only asks for the information necessary to get your quote. This includes general business information, the bond amount, and the applicant’s social security number to run the soft credit check (unlike a hard inquiry, this doesn’t leave a hit on your credit score).
For lower bond limits, you will find an approved rate that you can purchase right away. Applications with bond limits over $20,000 will require a further review by a Jet team member. After a quick review, you will be emailed a quote that is ready to buy. Following payment, you will receive a confirmation email with your receipt and a copy of your bond.
Yes, Jet can take care of the filing of the Utility Deposit Bond with the company that needs it, or you can choose to do so yourself when checking out. When submitting, send the original bond to your utility company at the following address:
Southwest Gas Corporation
PO Box 98890
Las Vegas, NV 89150
NV Energy Company
ATTN: Bond Desk S1A15
PO Box 10100
Reno, NV 89520
Las Vegas Valley Water District
ATTN: Customer Care/Mail Spot 680
1001 S Valley View Blvd
Las Vegas, NV 89153
You must have a Utility Deposit Bond in effect as long as the utility company requires you to, typically more than 12 months. Being consistent with paying your bills (and making sure they’re paid on time) and/or raising your credit score will allow the utility company to release you from the bonding requirement. Until that time comes, you must keep up with renewing your bond.
When it is time to renew your bond, Jet will send you a mailed and emailed notice. Just select the new term and make payment to keep your bond active. If your bond limit has changed, please let us know so that we can adjust your coverage and rates.
If you no longer need the bond, send our team an email requesting cancellation at firstname.lastname@example.org. We will contact the utility company so they can begin the 60-day cancellation period. After the bond is fully cancelled, Jet will calculate any eligible refunds based on the remaining time on the bond term.
It’s really quite simple to prevent claims on a Utility Deposit Bond, as it serves one purpose: to guarantee the payment of services provided by the utility company. Making timely payments will not give the utility company any cause for taking action on the bond.
If there is a missed or late payment, the utility company will send a demand for payment which may be satisfied on your end within the allotted time: 15 days for NV Energy and 60 days for the Las Vegas Valley Water District or Southwestern Gas Company. If you don’t provide payment, the utility company will seek payment from Jet. Our team will review the evidence, but if the payment is indeed missing and the customer is unable or unwilling to pay it right then and there, Jet is obligated to pay out the claim. Interest on payment and legal fees may also be included in the payment.
Not only will you be responsible for paying Jet back in the amount of your missing payment, but you will also be liable for any additional fees incurred during the claims process since Jet made payment for them all on your behalf.