If the District 8 Permit Department of the Ohio Department of Transportation requires you as a contractor to obtain the Road Performance Bond, then you are in the right place with Jet Insurance Company. This bond is a permit requirement to perform work on state roadways in Butler, Clermont, Clinton, Greene, Hamilton, Preble and Warren counties.
The State of Ohio will utilize this bond as a fiscal guarantee made by Jet on behalf of the contractor should damages be sustained by the state as a result of a contractor’s fraudulent or neglectful actions.
The bond’s cost with Jet will depend on the bond limit set by the District 8 Permit Department, which is usually an amount deemed necessary to correct errors or finish an incomplete job. Below are Jet’s preferred tier rates for various bond limits. The rate is dependent on the financial status of the contractor.
With Jet, you get to deal with the surety carrier directly; we do not have middleman brokers or agents dealing with our customers. Contractors will be able to deal directly with the decision maker.
If your bond’s limit is set below $50,000, you can apply and purchase the bond online in minutes. We do require a social security number from the contractor to perform a soft credit check.
For larger bond limits, Jet will get back to you shortly after the initial online application. One of our underwriters will work with you directly and may require permit specifications, a personal financial statement and/or business financial statements for them to review before determining the bond rate and eligibility.
Jet can file the bond to the Department of Transportation for you or you can file it yourself with other permit application paperwork. Either way works for us to get the bond to the following address:
Ohio Department of Transportation
District 8 Permit Department
505 South S.R. 741
Lebanon, OH 45036
Once the bond has been sent to the Permit Department, it cannot be cancelled until the Department releases Jet of all liability. Typically, Jet will only require one payment for the bond, but if the project extends past a year, you may be required to renew the bond. Jet will work with you to only require the amount of premium necessary to complete the project.
Simply completing the permitted job on time allows contractors to avoid any disciplinary action from the State of Ohio — a job that’s easier said than done when it comes to construction projects on or around highways and roads.
The surety bond is not always required for contractored projects by District 8, but when they do utilize this requirement, it is for them to have a fiscal guarantee that the contractor who is permitted to do the work will finish the job and do so without damages left for the State to pay for.
When working for the State or using their right-of-ways in the course of construction, damages may occur. It is a contractor’s responsibility to make amends for these damages. Usually, only after the failure to correct one’s mistakes is a surety bond claim made by the State of Ohio.
Jet investigates any claim made against a bond to check its validity. If the claim is legitimate, Jet will make payment to the State for damages sustained, but not in an amount to exceed the bond limit. The contractor may have been able to avoid their responsibilities to this point, but Jet (and any other surety company) will demand payment for the contractor to reimburse the damages paid. Think of the surety company as a guarantor of payment for negligent or fraudulent contractors hired to work on Ohio’s roadways and not a coffer for the State or contractors to dip their hands into.