San Francisco City and County Street Improvement Bond
The County and City of San Francisco requires businesses to apply for bonds in order to secure their building or project permits and activate their licenses. These requirements are needed to ensure the compensation of the public should accredited businesses cause any licensing infractions, such as damages to government-owned properties, during their project.
What is a Street Improvement Permit?
When a building construction project affects sidewalks, curbs, pavements, and other part of the city and county’s right-of-way, the owner or applicant must apply for a Street Improvement Permit. The permit ensures that projects affecting the area in, along, or near the right-of-way are compliant with the city or county’s codes and engineering standards.
What is the San Francisco City and County Street Improvement Bond?
When applications with the San Francisco Department of Building Inspection (DBI) include projects affecting the right-of-way, the Department of Public Work will conduct an inspection and conclude the need for a street improvement permit.
By purchasing and filing for a bond with the City and County of San Francisco, you can activate your business license. The bond is a form of financial assurance that altered public property is returned to its original or working condition.
For more information, you may visit the City and County of San Francisco Office or check out their site for an overview of the process.
How does it work?
The bond must be issued by a surety bond provider certified by the California Department of Insurance. The parties in the agreement are the Principal (business or permit applicant), Obligee (City and County of San Francisco), and Surety/Bond Company or Obligor (surety bond provider or insurance).
The Bond Company will guarantee the compensation (performance bond) of the Obligee should the Principal fail to meet their standards or violate other licensing provisions. The Surety Company will assess the validity of claims, where claims may only amount to the total penal sum agreed upon in the bond form. The Principal shall reimburse all expenses covered by the Surety Company.
The Bond Company is secured through an indemnity agreement as the licensed business is mandated by law for the full reimbursement of the claims, including legal fees and premiums. This agreement shall be made before the execution of the bond and shall ascertain the businesses responsibility over their dealings.
How much does it cost?
The San Francisco City and County Street Improvement Bond normally costs between 0.5% and 5% of the total bond amount. This will ultimately vary depending on the applicant’s credit score, license history, and industry experience.
To get a quotation, visit here and get your surety bond today!
How can I apply for this bond?
At Surety Bond Authority, we are dedicated to help you get your bond the fast and easy way. Here is a step-by-step guide to help you get started.
To secure your street improvement permit bond, be sure to transact with a reputable surety company early. If you are ready to get yours processed today, you can APPLY HERE. Rest assured our expert surety bond agent will guide you from the time of your application until the issuance of your bond.
In the assessment phase, our underwriter will need the following information:
- Nature of your profession or business
- Credit score
- Financial strength
For the speedy processing of your application, ensure you have gathered and provided accurate information upon submission.
Once the assessment is done, we will promptly issue your bond and send it your way. Contact us today and get your bond issued in no time!