RAP FOR DEVELOPERS - PROGRAM DETAILS
Flat Rates
$30 annual flat rate or $22.50 for maintenance-only obligations
Program Limits
$750,000 Single Bond / $750,000 Total Open Bond Penalty
Bonds Included
- Subdivision
- Public Improvement
- Completion
- Performance
- Payment
- Maintenance
Exclusions
- Insufficient project financing
- Maintenance guarantees over two years
- Completion time over two years
- Work for sovereign nation owners
- Projects in the five boroughs of New York City
- The company, owner or predecessor has:
- ever declared bankruptcy
- defaulted on a contract
- been involved in a surety claim
- been involved with any lawsuits or liens in the last five years
- open bonds with another surety
- Environmental/Remediation Bonds including but not limited to:
- Tree Preservation
- Mitigation of Wetlands
- Commercial Bonds - non-construction bonds such as right of way, soil erosion or license and permit are handled separately from this program.
How Do I get a Surety Bond?
Surety bonds are issued by Merchants Bonding Company (Mutual) through insurance agents. Contact your local insurance agent or use our Find an Agent tool. They will guide you through the process, informing you of what documents and information are needed by the surety (Merchants Bonding Company (Mutual)) to underwrite your bond.
Rates subject to change.