What is a Grading Permit Surety Bond?
Grading Permit Surety Bonds are required for property owners seeking a grading permit. These license and permit surety bonds guarantee that the grading is done in adherence to the approved construction plans and terms of the permit. The property owner’s being granted a Grading Permit Surety Bond also ensures that they have adequate funding allotted for the planned work, as well as have hired a licensed and reputable contractor. These surety bonds also address the property owner’s need to enact any preventative and protective measures, as well as the avoidance of any engineering hazards which may damage the environment.
Which states require Grading Permit Surety Bonds?
Pacific Surety proudly offers Grading Permit Surety Bonds in the following states:
If you do not see your state listed, please contact us and our knowledgeable underwriters will assist you.
What is the bond amount for Grading Permit Surety Bonds?
Bond amounts for Grading Permit Surety Bonds vary and are set by the local rules and statutes regulating the industry. Bond amounts and requirements will fluctuate from state to state based on this. Please contact us with specific questions, and our knowledgeable underwriting staff will assist you.
How much does a Grading Permit Surety Bond Cost?
Pricing for Grading Permit Surety Bonds will vary, and your premium will be based on the following factors:
- State the bond is required in
- Size of the job requiring a grading permit
- Amount of the bond
- Term length of the bond
- Personal credit for anyone with at least a 10% ownership stake in the business
Individuals with good credit can expect to pay between 1%-5% of the bond amount. Qualified applicants could pay as little as $100 annually for a $10,000 Grading Permit Surety Bond. To find out how much your bond is going to cost, please complete our online application for your free, no obligation price quote.
Can I get a Grading Permit Surety Bond with bad credit?
Pacific Surety offers a wide range of approvals, regardless of credit, for Grading Permit Surety Bonds. With our strong surety relationships, we have the ability to approve 99% of applicants, regardless of how bad their credit is. Our knowledgeable underwriting staff will work with you to ensure you receive the lowest possible pricing for your bond. Applicants with substandard credit can expect to pay 5%-10% of the bond amount in premium. To see what rate you will qualify for, please complete our online application for your free, no obligation price quote.
How do I purchase a Grading Permit Surety Bond?
The first step is to complete our quick online application for your free, no obligation bond quote. Submission takes only five minutes, and our underwriting staff will be in contact with you within a couple of hours with pricing. If you prefer to speak with our knowledgeable staff, please call 1-866-722-7873 and one of our Underwriters will assist you in applying for your bond.
After you receive approval, you must sign an indemnity agreement with the surety and provide payment for your bond premium. In most cases, we can issue bonds the same day we receive your signed documents and payment.
Who does a Grading Permit Surety Bond protect?
These license and permit surety bonds guarantee that the grading is done in adherence to the approved construction plans and terms of the permit. The property owner’s being granted a Grading Permit Surety Bond also ensures that they have adequate funding allotted for the planned work, as well as have hired a licensed and reputable contractor. These surety bonds address the property owner’s need to enact any preventative and protective measures, as well as the avoidance of any engineering hazards which may damage the environment. If the claim is valid, the surety will pay up to the penal sum of the bond to resolve the claim. You are then required to reimburse the surety for all monies paid out, including any attorney fees incurred by the surety in the defense of the claim.
Claims can be detrimental to your business. Not only do they cause financial harm, they make it very difficult, if not impossible, to get bonded again.