Utility Deposit Bond - Blue Ridge Mountain EMC in Georgia

Brief Summary

A utility deposit bond lets a business open or expand electric service with Blue Ridge Mountain EMC without handing the cooperative a large cash deposit. You pay a premium to the surety, the deposit amount stays in your operating account, and the cooperative still has a guarantee that the power bill gets paid.

Blue Ridge Mountain Electric Membership Corporation, a member owned electric cooperative serving the north Georgia mountains, may require a security deposit before it connects or continues service. This surety bond is posted in favor of Blue Ridge Mountain EMC in place of that deposit and guarantees payment of the account. The cooperative sets the deposit amount, so the bond amount matches the figure it gives you.

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How to Apply for a Utility Deposit Bond:

• Hold an active membership with Blue Ridge Mountain EMC.
• Get the required deposit amount for your account from the cooperative in writing.
• Confirm the cooperative accepts a surety bond in place of a cash deposit and whether it has a required form.
• Provide the account holder's legal name and service address exactly as on the account.
• Pay the premium and deliver the executed bond to the cooperative.

Detailed Information About the Georgia Utility Deposit Bond:

Who sets the amount

Blue Ridge Mountain EMC is a cooperative, not a state agency, so the deposit is set by the cooperative under its own service rules and membership policies rather than by statute. The bond amount is whatever deposit the cooperative requires on your account. Get that figure in writing from the cooperative before you apply.

Service also requires an active membership with the cooperative. The membership and the deposit are separate items. The bond covers the deposit only.

What the bond guarantees

The bond promises Blue Ridge Mountain EMC that the account holder will pay for the electric service it receives. If the account goes unpaid, the cooperative can make a claim against the bond up to its full amount. The surety pays a valid claim and then collects from the account holder, so the bond protects the cooperative, not the customer.

Before the bond is issued

Confirm with Blue Ridge Mountain EMC that it will accept a surety bond in lieu of a cash deposit on your account, the exact deposit amount, the account name and service address, and whether it requires its own bond form.

Eligibility and Requirements for a Georgia Utility Deposit Bond:

• Blue Ridge Mountain Electric Membership Corporation named as obligee.
• Bond amount equal to the deposit the cooperative requires.
• Account holder name on the bond matching the membership and service account.
• Credit review of the business and its owners by the surety.

Georgia Utility Deposit Bond FAQs:

Official and Additional Resources for the Georgia Utility Deposit Bond: