What is a Site-Improvement Bond?
A Site-Improvement Bond is typically required to improve existing land, structures, or buildings on public land and is required by local, state, or federal governments. It guarantees that the developer will complete the improvements within the guidelines and required building codes that are set forth.
How does a Site-Improvement Bond work?
A Site-Improvement Bond may be required from a governmental entity to make improvements to a public property. Site-Improvement Bonds guarantee the upgrade work is completed in a timely fashion and in accordance to all specifications provided by the job owner. If the work is not completed properly, the surety carrier will step in and either help the current contractor complete the work or find a sufficient replacement to complete the work, guaranteeing the work is up to required code.
How much does a Site-Improvement Bond Cost?
The cost of this type of bond is based on the bond amount required by the project owner and the cost of the supplies/labor and expertise of the work. A big factor in pricing is determined by the corporate financials and the personal credit report of all owners and spouses. Someone with good credit may pay a lesser premium than a person with poor credit. However, just because someone has poor credit does not mean we cannot help you. At Universal Service Agency, we strive to find our clients the best rates with the strongest rated carriers to insure you are getting the best bond coverage available.
How do I get a Site-Improvement Bond?
You can get Title Agent bonds by contacting surety bond agents/brokers. Since you’re already here, you can give us a call at 215-646-2400 or Apply Now here.
How to Choose a Bonding Company?
Universal Service Agency offers Surety Service Made Simple. We are the fastest surety only agency in the country, with over 100 years of combined surety experience servicing all 50 states. We exhaust all of our resources to get you the fastest turnaround times and lowest rates. We can help anyone, even clients that may not fit into the standard market. You can get a free quote here or call our bond experts at 215-646-2400.
How long does it take to get a Site-Improvement Bond?
Universal can issue bonds the same day an application is received. The amount of time between application and issuance is affected by a number of factors though, including but not limited to, the size of the obligation, the type of bond, and promptness of the premium payment.
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Universal Service Agency is the fastest “surety only” agency in the country, with over 100 years of combined surety experience servicing all 50 states.