New York – Babylon Street Excavation Bond
AmeriPro Surety Bonds | 844-589-9732
Babylon, New York —Excavation Permits; Purpose of the Surety Requirement
According to § 117-10 of Babylon, New York, City Ordinances, to obtain a permit for street excavations, you’ll first need a surety bond.
The purpose of the bond is simple: It is to hold the city of Babylon harmless from any damage caused by the your excavation activities. The bond protects the city from any contractors, employees, or subcontractors whom you may hire in connection with the excavating.
Determining Amount of Excavation Surety Bond Required
- The Babylon street excavation surety bond is a minimum $5000 bond for areas 10,000 square feet and less.
- For each area greater than 10,000 square feet, the excavation bond increases by an additional $1000 for each additional 10,000 square feet, or a part thereof of that amount.
Qualifying and the Premium
You are automatically approved for any amount of the Bablyon street excavation bond up to $50,000. With a minimum $100 premium, the cost of your bond will be 1% of the amount required annually.
Amounts greater than $50,000 would require completion of a signed, short surety bond application, an underwriter review, and approval to be granted based on good credit. The rate of 1% would still be applicable.
After your bond has been approved and payment received, our agency issues your bond to you immediately. Included with your bond will be a Power of Attorney form, and a document notarized by our agency as Surety.
Upon receipt of the original document, you’ll notarize your bond as Principal, filing all documents received to:
The Town of Babylon
200 E. Sunrise Highway
Lindenhurst, NY 11757
Premium Prepayment Options
Your bond may be prepaid for a number of years, thereby offering you a savings over annual renewals of the premium.
Since the bond form requests how long you require the permit, it may be a wise idea to prepay the premium, if you anticipate your excavation to last longer than one year.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit, court, probate, and other surety bonds in New York, and all 50 states.
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