Subdivision, Maintenance and Grading Bonds, otherwise referred to as site improvement, plat, completion, or simply performance bonds, help cover the owner/developer. The key difference between subdivision bonds from regular contract performance bonds is that the owner/developer (the principal) has to pay the cost of building the bonded improvements rather than the public agency (the obligee). While not all sureties write subdivision bonds, for those that do, the underwriter will require information such as the scope of the improvements, a cost estimate, and where the money is coming from.
Application: Call underwriter for appropriate application at 1-800-452-7121
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