Road and Sewer Bonds
Construction Insure has many years’ experience in the surety bond market dealing with clients and multiple underwriters.
A bond is a guarantee of the obligations of one counterparty to another, with the guarantee that the insurer will cover any potential loss and damages up to the agreed bond limit.
An example of one of the most common bonds we get asked for is a Road and Sewer bond.
The norm is for a local authority to look after a road once the developer has commenced works, but the developer also has to give the council confirmation of insurance which is a surety bond, which would them give them the green light to go ahead.
Roads bonds work as a guarantee for the council. Works that are carried out by the developer, will be required to be of a certain specification and certain timescale. If the works are not carried out to these standards then the local authority can call upon the bond money to complete the works of the road if for whatever reason it has been left incomplete.
Need Insurance? Get in touch today!
Please get in touch today for a free no obligation quotation
Types of Bond
We offer a choice of bonds that are designed to meet different requirements: