High Point Land Improvement Bond

High Point North Carolina Land Improvement Bond

In the City of High Point, North Carolina, the Development Ordinance requires subdivision developers to obtain a Performance Guarantee Surety Bond, or as we call it at Jet Insurance Company a Land Improvement Bond. This bond is for contractors and developers seeking final plat approval or certificate of occupancy prior to completing land improvements. Jet provides this bond to the City as a means of financial guarantee they require for all developer improvements to be completed to the standards of the City’s Development Ordinance.

PURCHASE HIGH POINT LAND IMPROVEMENT BOND

With Jet as your surety carrier throughout the bonding process no matter the subdivision plan, you can count on a streamlined process that cuts out the middlemen who cost you more in the form of fees and commissions.

How Is the Cost Determined for the Bond?

The cost of the bond will be a small percentage of the total bonding limit with Jet. The bond limit  is set by the City of High Point as 125% of an estimated cost to complete all required improvements both public and private. This estimate will be generated by the developer’s certified engineer, and must be approved by the city’s Engineering Services Director.

You will work directly with one of Jet’s underwriters and the cost of the bond will factor in the personal credit of the owner and potentially prior works completed and financial strength of the business.

Can Jet File the Bond with the City of High Point for Me?

Yes, Jet can! Once you purchase your bond, Jet will immediately ship the original bond to the City of High Point for you. An electronic copy of the bond will immediately be emailed to you for your records as well.

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 High Point
211 Hamilton Street
High Point, NC 27261

Can I Cancel My Land Improvement Bond?

For this specific bond, no. The Land Improvement Bond is considered continuous until released after final inspection of improvements, so the bond cannot be cancelled at any time by the developer or by Jet.

How Does a Developer Avoid Bond Claims?

In order to avoid a claim against the surety bond, developers must comply with the Development Ordinance and complete all public and private improvement elements of their approved subdivision plan, within the committed duration of the bond. This means that at the time of final inspection, three conditions must be met:

  1. All land improvement elements are complete
  2. Work is completed in accordance with the approved preliminary plan and the final map of the subdivision
  3. All work passes final inspection by City of High Point staff

Bond claims may arise when a developer abandons the project, departs from the approved subdivision plan in their actual construction, does not meet subdivision construction standards, or does not complete the improvements within the agreed timeline. If the developer has not completed the improvements in the time specified in the bond, the City of High Point will give the developer a written notice and 30 days to rectify the shortfall. At the end of 30 days, the Engineering Services Director may draw upon the surety bond to pay for completion of the improvements.

What Happens If I Get a Bond Claim?

If the City of High Point Engineering Department notifies the developer of a discrepancy in the improvements, and the developer does not rectify it within 30 days, the city 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 responsible for their actions (or failed actions) and must reimburse Jet for the amount paid

What Is the Purpose of the High Point Land Improvement Bond?

The Land Improvement Bond exists to provide a performance guarantee to the City of High Point that subdivisions will be built in accordance with the city’s approved plans, on time, and in accordance with the building standards. The bond ensures that funding is available from a third party resource (Jet), should the city need to finish public or private improvements for a subdivision on behalf of the developer.

The bond does offer an advantage to developers who wish to record their subdivision plat and receive certificates of occupancy prior to project completion, and at the same time this protects consumers (just what the City wants) by guaranteeing the quality of their subdivision

How Does the Application Process Work With Jet?

Jet streamlines the application process, so you can apply for your bond hassle-free by starting off with collecting basic information online about your business. Once you provide this information, we will evaluate your application and quickly get back to you.

As bond limits become larger Jet may need the following additional information in order to provide your quote such as:

Once you pay your premium, your receipt and bond copy will be available to you.

PURCHASE HIGH POINT LAND IMPROVEMENT BOND

When Does the Land Improvement Bond Obligation End?

The Land Improvement Bond is considered continuous until all required public improvements for a subdivision are completed. Liability for the developer and surety will be released once a project has conducted a successful final inspection and received release from the City of High Point Planning and Development Director or Engineering Services Director. 

Bonds are available from Jet in one or two year increments. The bond will need to be renewed if the project extends past the original purchase term.

Are There Other Bonds That a Principal Needs?

A developer in High Point may also need an Erosion Control Bond. Other 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.

High Point North Carolina Land Improvement Bond Form

Notary Bond Application:

X

Business Information:

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information:

Employee Dishonesty Bond Application:

Business Information:

Business Description:

Coverage Requirements:

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information:

Contract Bond Application:

X

Business Information:

Owner Information:

Job Details:

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information:

Worker's Compensation Application:

X

Business Information:

Business Description:

Coverage Requirements

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information: