Site Improvement Bond

A site improvement bond is a bond or a form of insurance policy used for a current site, rather than a new project to ensure that improvements are done to specification. Similar to other bonds, a site improvement bond could involve a project manager, also known as an oblige, this would be the person requesting the work done and may or may not the person who owns the property, but could be the person in control of the property, such as a government official. Secondly would be the principal, this would be the contractor who would be responsible for performing the work or organizing the sub-contractors, he would be the one who would be the one to purchase the bond. Lastly the surety company would be the one who would provide the bond. They would be the ones would guarantee that if that contractor does not follow the specifications made in the site improvement contract, that either the errors were fixed or that the project owner were compensated for the mistakes.

A site improvement could be something as major as a new roof or a complete remodeling of the interior of a home or something as simple as new rain gutters. A city government could be laying new sidewalks in front of a private residence. It could also mean that a utility needs to do work on the property of a private residence.  Most often times the improvement plan will include an estimate how long the job will take so the resident can plan for the inconvenience and what the job will cost as part of the bidding process.

 

 


Application for


Current or expiring quote we are looking to beat:


Name of previous surety company writing to the bond:


Section I: Bond Applied for

Type of Bond

Effective Date

Expiration Date


Type of Company

CORP

LLC

DBA

Partnership

Bond Amount


(Obligee)


Obligee Address


Section II: General Information

Applicant's Name

Spouse Name


SS#

Spouse SS#

Home Phone


Residence Address

City

State

Zip


Status of Residency

Own

Rent

At Current Address Since


Date of Birth

Spouse Date of Birth

Business License Number


Business Name


Business Phone

Business Fax

Business Email


Business Address

City

State

Zip


Date Business BEGAN Under Present Individual or Firm Name

Business Tax ID


Has any company refused to issue bonds for any purpose?

Yes

No

Do you have any liens, claims or judgements against you?

Yes

No


Has applicant ever failed in business?

Yes

No

Has applicant filed bankruptcy in the last 10 years?

Yes

No


If yes, Chapter 7?

Yes

No

Chapter 11?

Yes

No

Chapter 13?

Yes

No


Date Filed for Bankruptcy?


Date of Discharge?


If yes to any, please explain:


Section III: Additional Parties

Name

Spouse Name


SS#

Spouse SS#

Home Phone


Home Address

City

State

Zip


Personal Financials

(if more than one owner, each has to fill out this app)

Statement of assets and liabilities as of


Assets Liabilities
Cash in Bank Notes Payable to Banks
Cash on Hand Notes to Others(excl. of equipment)
Stocks and Bonds Accounts Payable
Accounts Receivable Federal and State Income Tax Due
Notes Receivable All Other Taxes
Inventory Accruals, Payrolls, Etc.
Cash Value Life Insurance    
Equipment Due on Equipment
Real Estate Due on Real Estate
Other Assets Other Liabilities
    Surplus and Undivided Profits
    Capital Stock(if a corporation)
       
Total Assets Total Liabilities

Net Worth


Name of Owners

Name and Title of Officers

% of Ownership


Are you an insurance agent?

Yes

No

Agent License #

Agent State

Completion of this form constitutes permission for Cal Society Insurance Services to obtain customer information which will be used to determine bonding eligibility. This information will be held in the strictest confidence.