Site Improvement Bonding Guide
SuretyBonds.com is legally licensed to issue site improvement bonds nationwide. Whether you’re a contractor in Pennsylvania, Colorado, Illinois or Virginia, we can help!
A site improvement bond guarantees certain improvements will be made to a property. These bonds are often required as a condition to getting a construction permit for a specific project. For example, contractors frequently need these bonds before they can begin mine reclamation projects that could drastically change the surrounding landscape. (These bonds are sometimes known as “coal mine reclamation surety bonds.”) But don’t worry if you don’t know much about site improvement bonds just yet. The surety experts at SuretyBonds.com developed this quick and easy guide to help.
To qualify for our construction bonding program, applicants must have a credit score at or above 700.
Determine Your Site Improvement Bond Cost
When working with SuretyBonds.com, you get the lowest rate available without any additional brokerage fees. The rate you’ll pay is subject to:
- the size of the job at hand and its contractual terms
- the amount of bonding coverage required
- the principal contractor’s time in business and work record
- the principal contractor’s credit score
- the principal contractor’s other financial credentials
The higher your credit score and the stronger your financial credentials, the lower your premium will be. Find out what you’ll pay by getting a free, no-obligation surety bond price quote!
Apply for a Site Improvement Bond Today!
SuretyBonds.com strives to provide every client with fast, easy and accurate bonding services. These types of bonds require a thorough application process, but you can rest assured knowing SuretyBonds.com can issue a site improvement bond in as little as 2-3 days. We even offer an overnight shipping option to better accommodate contractors who are in a rush. What are you waiting for? Start the process now!
Learn More About Site Improvement Bonds
These bonds are taken out by the contractor to protect the project owner (and the owner’s investment) from contract default or other problems during the construction process. If the contractor is found to be in breach of contract, a claim can be made on the bond to reimburse the project owner and/or adversely affected consumers.
Each bond that’s issued binds three entities together.
- The obligee is the project owner requiring the bond to limit the potential for loss in case improvements are not made as expected.
- The principal is the contractor who purchases the bond as a guarantee that the appropriate improvements will be made.
- The surety is the underwriter that issues the bond, thus guaranteeing that the appropriate improvements will be made.
If a claim is made against the bond, the surety’s claims department will work proactively to resolve issues with the project. If a solution cannot be found, the surety will reimburse the project owner for any losses up to the amount of the bond. Surety bonds, unlike traditional insurance policies, are written with no assumption of risk, so the contractor will be required to repay the surety for any money lost due to a claim.