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Site Improvement Surety Bonds are oftentimes required by local law or ordinance. The bond must be posted before a contractor can begin work on a project involving public property. The bond guarantees the contractor will finance the improvements to public property and utilities associated with the development of an existing site or structure. The bond protects the public from losing any money in the case of the developer defaulting during the project or the developer not performing according to the approved permits and local construction/building code.
Local municipalities and governments require developers and landowners to post the site improvement surety bonds when they obtain building permits or file a lot map. The Obligee on the bond is the municipality (city, county, township, etc.) requiring the bond. You, the developer/project owner, are the Principal on the bond. Unlike other bond types, site improvement bonds and their associated projects are financed by the Principal. When the project is completed, the ownership of the improvements is transferred to the Obligee.
Contact The ProSure Group! As surety bond experts in business since 1993, The ProSure Group has issued hundreds of Site Improvement Bonds and has partnerships with more than 30 different surety companies. This ensures that we get you the best, most competitive pricing and terms available in the marketplace. You just need to complete our simple application and one of our specialists will quickly contact you.