Wrecking contractors licensed to conduct work in Detroit, Michigan, must furnish evidence of a $50,000 surety bond.
AmeriPro Surety Bonds offers this bond for your compliance as both a new (first time) and renewal surety bond.
The $50,000 Detroit wrecking contractor bond will have a premium --- or its cost, which is typically about 1% of the bond’s amount. However, the amount of that you will pay will be determined by the following:
Because of these considerations, the pricing for this bond may be between 1-5% . Our agency will work to source the best surety bond pricing for you.
Once issued, the Detroit wrecking contractor bond is active until December 31st; thereafter the bond must be renewed.
An active surety bond must remain on file with the city as a condition for continued licensing.
The Detroit contractor wrecking contractor bond is a financial guarantee for the city of Detroit that you will be in compliance with all rules and statutes as they relate to your wrecking contracting business.
The bond essentially holds the city harmless for the failure of a license wrecking contractor to act in accordance with legal statutes up to the bond’s face amount.
As owner (principal) of this surety bond, while the bond is required of you, its benefit is for the city of Detroit; it is not an insurance policy. Should a claim be paid against your bond, you must reimburse the surety for all costs and fees involved.
AmeriPro Surety Bonds is a surety bonds-only agency which provides license and permit, contractor, court and fiduciary surety bonds throughout Michigan.
Our agency also provides surety bonds nationwide.
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