Surety Bonds for Site Improvement Bonds
What is a Site Improvement Bond?
A site improvement bond is an insurance policy that contractors must purchase for improvement on a current site rather than on a new building. The bond ensures that the project will be handled as agreed upon. The bond guarantees completion of improvements including curbs and gutters, sidewalks, utilities, grading, storm drains and streets. The parties can specify the required improvements in the bond.
A contractor must secure a site improvement bond prior to obtaining a construction permit or recording a final parcel map with the locality where the property is based. The site improvement bond may be in the form of “cash, certificates of deposit, certified cashier’s check or money order, irrevocable letter of credit issued by a financial institution.” The bond will “make whole” the party “under water” in the event of fraud or an illegal activity on the part of the contractor.
The contractor has to go through a pre-approval process and the bond assures that the work will be completed as per the contract.The bond will also contain the estimated cost and anticipated time until completion.
What is the cost of a Site Improvement Bond?
We will get you the best rate available without any added brokerage fees. The rate you pay is contingent on:
- the magnitude of the job and the contractual stipulation
- the required bonding amount of coverage
- the principal contractor’s work history and longevity
- the principal contractor’s credit score
- the principal contractor’s other financial qualifications
What if I have bad credit?
Excellent personal credit score and strong financial history will permit you to achieve a lower cost. New businesses may need to prove their business stability and pay an increased premium until they have a proven track record.
Regardless of your credit score, our goal is to get you approved. We have relationships with the top bonded companies and are confident in our ability to get you bonded hassle free.
The important thing to recognize is that if you have bad credit, you can still get bonded!
Get a Site Improvement Bond today!
1) Fill out the form on our website – this takes 30 seconds of your time and we will get back to you with a quote in less than 24 hours (oftentimes within the hour).
2) Call us directly at 781-559-0568 – we are here to help!