At Anastasi Insurance, our subdivision bond guarantees that builders and developers complete improvements made to a subdivision property.
In recent years, subdivisions have come to represent a large portion of construction revenue in the United States. If your company is in the subdivision business there are many factors to consider, including the current state of the economy, as many projects are not as financially solvent as they were in the past. Developers need to guarantee that they can actually complete improvements made to a subdivision property. This is where a subdivision bond from Anastasi Insurance becomes crucial.
Subdivision bonds are usually required by local authorities and guarantee that the improvements will be made at the expense of the developer and principal of the bond. Subdivision bonds cover all aspects of construction including houses, streets, drainage ditches, and more. If a project does fail to be completed, a claim is made against the bond. If the claim is found to be valid, the contractor is obligated to pay some or all of the bond’s face value.
Anastasi Insurance is one of the top construction bonding companies in New England. If your company needs to secure a subdivision bond, give us a call, or simply fill out the form on this page for more information.