In Greensboro, North Carolina, the Stormwater Management Manual requires that before any developer records the plat for a project and receives a Certificate of Occupancy, they must provide a Stormwater Control Plan that leverages best management practices (BMPs) for mitigating impact to the local watershed. When a project disturbs more than five acres, developers have the option to post a Stormwater Management Bond in order to record the plat prior to finishing the stormwater control measures. This bond provided by Jet Insurance Company serves as means of financial accountability for the City of Greensboro, ensuring that if the developer defaults on the project, the city will be reimbursed for the cost to complete protective measures for the disturbed land.
At Jet, we cut out the middlemen who slow down the process and can cost you more in the form of fees and commissions. We are a direct carrier, which means that we will be with you throughout the development project, and even help you defend against claims, should they arise.
The cost of the bond will depend on the bond limit, which is derived from the scope and method of stormwater control device that is being installed. The Greensboro Stormwater Engineer will review the BMP, estimate the itemized cost of the project, and apply a cost factor based on the relative complexity of the apparatus. A more complex apparatus drives higher a cost factor: typically 110% to 150% of the estimated cost.
With the bond limit determined, Jet will factor in the personal credit and financial strength of the developer to verify eligibility and price of the bond. Once approved, the bond cost starts as low as 1% of the bonding limit.
At Jet, we strive to make the surety bonding process more efficient than it has ever been before. That saves you time and money, and gets you back to your business ASAP.
Yes, Jet can! Once you purchase your bond, Jet will immediately ship the signed and sealed original bond to the City of Greensboro Stormwater Billing Specialist for you. An electronic copy of the bond will immediately be emailed to you for your records as well.
Other carriers charge you shipping fees to send you the bond, and then leave shipment to Greensboro up to you, at your expense. Not at Jet!
If you would like the original bond mailed directly to your location, then you can select that option at checkout. Please note the bond must be filed with the city at the following address:
City of Greensboro
Stormwater Management Division
Attn: Toni Branson
2602 South Elm-Eugene Street
Greensboro, NC 27401
That's a negative. The Stormwater Management Bond is considered continuous until released after final inspection of stormwater control measures by the Erosion Control Inspector, and the bond cannot be cancelled at any time by the developer or Jet.
In order to avoid a claim against the surety bond, developers need to simply comply with the Stormwater Management Manual and complete the elements of their approved stormwater control plan.
Bond Claims may arise when a developer abandons the project or strays from the approved control plan. If either occurs, and the developer is unwilling or unable to rectify the situation, the City of Greensboro will be required to complete (or repair) the project, and may elect to draw from the surety bond amount to pay for it.
If you abandon the stormwater control BMPs you have committed to, or do not comply with your stormwater control plan in any way, the City of Greensboro Stormwater Management Division may process a claim directly with Jet. To assess the validity of the claim, Jet will investigate the circumstances, and defend you as much as possible.
If the claim is deemed valid, Jet must pay the claim up to the total amount of the bond. It is important to note that the surety acts as a line of credit in this respect, and the developer (the “principal”) is still responsible for their actions (or failed actions) and must reimburse Jet for the amount paid.
The Stormwater Management Bond exists to provide a financial guarantee from a third party, like Jet, to the City of Greensboro, ensuring that developers will complete the stormwater control measures to which they have committed after receiving their Certificate of Occupancy or having their plat recorded. Jet is a financial tool to the City that promises funding is available, should the city need to finish stormwater control measures on the behalf of a developer who has abandoned a project.
Jet streamlines the application process, so you can apply for your bond hassle-free by providing some basic information about your business. Once you provide this information, we will evaluate your application and quickly get back to you.
As bond limits become larger with higher complexity stormwater control measures, Jet may need the following additional information in order to provide your quote such as:
Personal Financial Statement
Business Financial Statements (balance sheet and income statement)
Copy of the agreement between the Developer and City that our bond will be guaranteeing
Stormwater Control Plan description
Proof of funding
Once you pay your premium, your receipt and bond copy will be available to you.
The Stormwater Management Bond is considered continuous until all required elements of the stormwater control plan are completed, inspected, and approved by the city. Liability for the developer and surety will be released once a project has conducted a successful final inspection by the Stormwater Engineer and received release from the Stormwater Billing Specialist.
Bonds are available from Jet in one, two, and even three year increments. The bond will need to be renewed if the project extends past the original purchase term.
A developer in Greensboro doesn’t need additional bonding but some contractors on the job, such as landscape, irrigation, and electrical contractors, are required to hold a bond for their license. Check out other North Carolina construction bonds by clicking here.