Shoring bonds, sometimes referred to as lateral support bonds or lateral excavation bonds, are required by the municipality in the event that a contractor intends to excavate or dig land. This type of contractor surety assures that the property surrounding the excavation or dig site will not be affected by any negligence on the part of the contractor. A bond requirement document will be issued to the contractor by the city or municipality stating that a shoring bond is necessary, and will also detail the amount of the bond, generally $25,000 or less. This documentation is needed before the developer can obtain the surety.
Many municipalities have their own specific requirements, often dependent on the slope and/or depth of the excavation. If you have any questions, don’t hesitate to reach out to our knowledgeable contractor surety agents. Be sure that you obtain the requirement document from your municipality prior to applying. Once you have the proper documentation, we can begin the process of helping you get the best shoring bond for your needs. Your bond may be issued in as little as one day.
With more than fifty years of combined experience, we are the nation’s number one source for contractor’s and construction insurance. Get started with Contractor Surety Group today.