SUBDIVISION, GRADING & MAINTENANCE BONDS
JR Olsen Bonds & Insurance Offers Bonds Nationwide
Also known as site improvement bonds or plat bonds, subdivision bonds are a set of bonds that are required by developers, builders or individual(s) to guarantee successful completion of subdivision work to a public entity. Subdivision bonds are different from the more common contract bonds used for construction projects. With subdivision bonds, the owner of the project provides bonds to the public agency to guarantee the installation of improvements that will ultimately be dedicated to the public but paid for by the owner/developer. Another key difference with subdivision 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).
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Underwriting requirements and premiums may change without notice.