Contractors who wish to perform contracting work in Lorain, Ohio, must register with city, designate if their line of work is commercial, residential, or both, and pay the appropriate registration fee.
They must also furnish the city with a $25,000 Lorain contractor bond with a date that should run concurrent with the expiration of the permit issued by the city.
AmeriPro Surety Bonds offers this surety bond as a first or renewal surety bond with a flat premium.
The purpose of the Lorain contractor bond is to serve as a financial guarantee, in favor of the city of Lorain, that contracting work will be completed to according to city Code, particularly Ordinance NO 40-2004.
The bond is required for the benefit of the city alone, not your contracting operations, although the bond is required for the city permit.
The bond protects the city and holds the city harmless for the failure to perform work according to the Code, including acts of negligence or malfeasance, whether committed by a contractor or any employees of a bonded contractor.
The bond is not, however, an insurance policy. Claims paid against your surety bond --- were this ever to occur --- are your legal liability to reimburse in full.
The premium for the Lorain contractor bond is just $125 annually.
The bond is an “instant issue”. This means that there is neither underwriting nor a credit check involved in its purchase.
Once the application is completed --- which can be done within 5 to 7 minutes with an agent --- and the premium is paid, the bond is issued immediately.
Thereafter, the original of the bond will be mailed by the next business day (only an original of the bond may be filed; you may not file a copy or an email printout of the contractor bond).
Once issued, the bond is active for one year from the date of issuance.
The bond must be renewed annually as a condition of continued contracting work in Lorain.
AmeriPro Surety Bonds is a surety bonds-only agency which provides contractor bonds throughout Ohio. This includes all cities, municipalities, and counties where a surety bond requirement is mandated by law or statute.
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