Cincinnati street contractors are required by the city of Cincinnati, Division of Engineering to obtain a surety bond.
AmeriPro Surety Bonds provides this bond for you as both a new and renewal surety bond.
The city of Cincinnati’s street contractor bond is required with a minimum amount of $10,000; the maximum amount of surety bond is $100,000.
The amount of surety that you will be required to purchase will be determined by the city, and if you have anything in writing from the city, we’ll request that for purposes of underwriting your bond, depending on the amount required.
The purpose of this surety bond is a financial guarantee on behalf of and in favor of Cincinnati, that all work begun will be completed according to city statutes and codes.
The bond’s existence protects the city of Cincinnati, not your contracting business, although it is an explicit requirement for licensing by the city.
If a claim were to be paid from your surety bond, it is your legal obligation as the bond’s principal (the owner of the bond) to reimburse the surety for all costs and fees involved in the settlement of the claim.
For contractors who are required to purchase a $10,000 surety bond, there is no underwriting involved; the bond is an “instant issue”.
What this means is that you will merely complete an application, pay the fee, and the bond will be duly issued.
The $10,000 licensed street contractor bond will cost you just $100 annually.
For larger surety bond amounts, underwriting may be involved.
What this means is that in addition to an application, there is also a credit check.
Applicants who may have lower credit scores should feel confident that with AmeriPro Surety Bonds, we will work to find you the best surety bond pricing.
The term for your Cincinnati street contractor bond is not a calendar year, but is from April 1st through March 31st of the following year.
To remain eligible to receive street contracting projects, a current surety bond must always remain on file with the Department.
AmeriPro Surety Bonds is a surety bonds-only agency which provides contractor surety bonds throughout Ohio.
Our agency also provides different surety bonds. These include license and permit, court, and fiduciary bonds.
Please call AmeriPro Surety Bonds today at:
Or, you may fill out our form and an agent will contact you…