Greensboro Contractor License Bond
The City of Greensboro requires a $5,000 or $2,000 surety bond before they will issue a contractor a building permit. A $5,000 bond is required for demolition, grading, and house moving, and a $2,000 bond is required for electrical, plumbing, mechanical, refrigeration, HVAC, and concrete work. Jet Insurance Company provides this bond as a financial guarantee for contractors to the City of Greensboro that the contractor will pay all fees to the city and adhere to local and state regulations.
You can expect to get your bond quickly and for less money with Jet! We have eliminated middlemen brokers and agents to get you bonded directly from the company that will represent you.
What Is the Cost for the City of Greensboro Contractor Bond?
The City of Greensboro Contractor Bond only costs $100 for one year or $10 per month. There is no credit check required, the price is the price!
At Jet, we make the bond process quick and easy. We only need some basic business information to properly fill out the bond. From there it’s just a quick payment and you will have the bond in your hands!
How Does the Bond Get Filed to the City of Greensboro?
Jet will file the original bond on your behalf to the City of Greensboro. A copy of the bond and receipt will be available online after purchase.
The bond must be submitted before a permit can be issued from the City of Greensboro. In the event you send the bond to the city directly yourself, the bond can be faxed to (336) 373-3637, or filed to the address below:
Hand Delivery
Development Services Division - Room UG10
Melvin Municipal Office Building
300 West Washington Street
Greensboro, NC 27401
Mail
Development Services Department
P.O. Box 26118
Greensboro, NC 27402-6118
Can I Cancel My City of Greensboro Contractor Bond?
Yes, you can cancel the bond with Jet at any time! We will process a refund of any unused premium leftover on the bond. For those making monthly payments, we will simply stop collecting payments on the bond once it’s cancelled.
The bond has a 30-day cancellation provision meaning the bond will not cancel until 30 days after we file cancellation to the City of Greensboro. All refunds and monthly payments will take into account those 30 days as Jet is still providing coverage during that time.
How Can I Avoid a Claim on the City of Greensboro Contractor Bond?
The City of Greensboro Local Ordinance Sec. 6-4 cites several conditions of the bond including holding the city harmless, paying permit fees, performing good work, and observing all laws and regulations applicable to your trade. To put it simply, pay permit fees and complete work professionally up to state and local laws and regulations to avoid a bond claim.
A claim can come from the City of Greensboro or anyone that can show evidence of damages resulting from a contractor's actions or omissions. Also, the bond can be forfeited to the city at the full amount of the bond if the permit is revoked. The City of Greensboro Ordinances, Local Ordinance Sec. 6-273 and Sec. 6-224, allow the city to revoke the permit at any time for non-compliance with city construction regulations.
What Happens If I Get a Claim on the Greensboro Contractor Bond?
Contact Jet immediately should there be a claim against your bond. Jet will investigate every claim to verify its validity. When a claim arises with other carrier’s agents and brokers, they will leave claim handling to a surety carrier that the contractor has never heard of to service the claim. At Jet, we handle everything with your bond, so we are vested in you and work diligently in all aspects of the bonding process, especially in claims.
Should the claim be deemed valid, Jet must pay the aggrieved party up to the full bond limit. With surety bonds, the contractor is responsible to pay back the Surety, Jet, for the bond payout. Think of the bond as a letter of credit to the City of Greensboro from Jet, promising the contractor will act honestly and perform their job up to professional standards.
The bond is a guarantee contractors abide by the local laws and state regulations surrounding the permitted work, and therefore are liable for their actions.
What Is the Purpose of the City of Greensboro Contractor Bond?
The bond is a form of security for the public, city, and any person that is hiring the contractor for work. The bond eases the risk for the community by providing an easier method for financial restitution via the bond, as opposed to litigation in court should a contractor's actions cause financial harm.
The City of Greensboro Development Services Division is tasked with ensuring public safety through enforcing state and local level building codes and construction laws, among many other things. The bond adds a level of financial responsibility for their work and ability to pay fees. If the work quality is poor or their action causes damages, then the bond will payout and the contractor will be responsible to pay back the bonding company. The surety acts as a third party that determines, according to the law, if a payout is required. If the bond didn’t exist, then it would be up to the aggrieved party to go to court, involving a lot of time and capital, if the issue could not be resolved with the contractor.
How Do I Renew My Greensboro Contractor Bond?
Put your calendars away! Jet will remind you of the bond renewal well in advance of the expiration date. At Jet, we make the renewal process a breeze. Simply make payment for the bond renewal and we will continue the bond. For those making monthly payments, the payments are simply continued.
Do I Need Any Other Bonds?
Irrigation Contractor License Bond: Businesses installing sprinkler and irrigation systems are required by the Irrigation Contractors’ License Board to be licensed and carry a $10,000 bond. The purpose of licensure is to protect public welfare and promote water efficiency.
Landscaping Contractor Bond: The North Carolina Landscape Contractors’ Licensing Board requires licensed landscaping contractors to hold a $10,000 bond. Landscapers are required to be licensed so there is more protection for consumers, one of those protections being the surety bond. No business is allowed to perform landscaping in North Carolina unless they are licensed.
Electrical Contractor - Statement of Bonding Ability: Electrical contractors are required by the NC State Board of Examiners of Electrical Contractors to carry a statement of bonding ability in excess of $50,000 for Intermediate licenses and $130,000 for Unlimited licenses to prove that they can apply for a performance bond.
Manufactured Housing Set-Up Contractor Bond: The Manufactured Building Division requires contractors setting up manufactured homes to be licensed and carry a $10,000 bond. Manufactured homes are essentially mobile home structures built offsite on a permanent chassis, and are made into permanent residential structures.
Modular Building Set-Up Contractor Bond: A $5,000 surety bond is required before a person setting a modular building, that is not a licensed general contractor or in contract with someone that is a licensed general contractor, can pull a building permit.
