Greensboro House Moving Bond: A Comprehensive Guide
This guide provides information for insurance agents to help their customers obtain a Greensboro House Moving bond
At a Glance:
- Average Cost: $100 per year
- Bond Amount: $5,000
- Who Needs it: All contractors applying for a house moving permit in Greensboro, North Carolina
- Purpose: To ensure the city will receive compensation for financial harm if the contractor fails to comply with the terms of their permit
- Who Requires the Bond: The City of Greensboro
Greensboro Municipal Code 6-57 requires contractors operating in the city to obtain a permit before moving any houses or buildings. Greensboro enacted the permit requirement to ensure that the city’s infrastructure is not damaged as a result of house moving activities. To provide financial security for the enforcement of the permit requirement, house moving contractors must purchase and maintain a surety bond to be eligible for a permit.
What is the Purpose of the Greensboro House Moving Bond?
Greensboro requires contractors to purchase a surety bond as part of the application process to obtain a house moving permit. The bond ensures that the city will receive compensation for financial harm if the contractor fails to abide by the regulations outlined in Greensboro Municipal Code 6-4. Specifically, the bond protects the city if the contractor fails to make all repairs and improvements within 12 months of the moving date. In short, the bond is a type of insurance that protects the city if the contractor violates the terms of their permit.
How Can an Insurance Agent Obtain a Greensboro House Moving Surety Bond?
BondExchange makes obtaining a Greensboro House Moving bond easy. Simply log in to your account and use our keyword search to find the “house moving” bond in our database. Don’t have a login? Gain access now and let us help you satisfy your customers’ needs. Our friendly underwriting staff is available by phone at (800) 438-1162, email, or chat from 7:30 AM to 7:00 PM EST to assist you.
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Is a Credit Check Required for the Greensboro House Moving Bond?
No, a credit check is not required for the Greensboro House Moving bond. Because the bond is considered relatively low risk, the same low rate is offered to all house moving contractors in Greensboro, regardless of their credit history.
How Much Does the Greensboro House Moving Bond Cost?
The Greensboro House Moving bond costs just $100 per year.
Who is Required to Purchase the Bond?
Greensboro requires contractors to purchase a $5,000 surety bond as a prerequisite to obtaining a house moving permit. To paraphrase Greensboro Municipal Code 6-57, a house moving contractor is a person that, as an independent business, moves houses or buildings from one location to another.
How Do House Moving Contractors Apply for a Permit in Greensboro?
House moving contractors in Greensboro must navigate several steps to obtain a permit. Below are the general guidelines, but contractors should refer to the permitting statutes for details on the process.
Step 1 – Contact the City’s Development Services Department
To obtain a house moving permit, Greensboro contractors must contact the city’s Development Services Department at (336) 373-2155. The department will then schedule a time for the building inspector to examine the pickup and delivery sites to determine whether the job meets the city’s standards. The inspector will make sure the contractor has coordinated with an electrician employed by Duke Power Company to be present during the move and has contacted all applicable utility companies to ensure the move does not interfere with overhead utility lines as well.
If the inspector approves the job, the Department will then issue the contractor a permit.
Step 2 – Purchase a Surety Bond
After being approved for a permit, house moving contractors must purchase and maintain a $5,000 surety bond
What are the Insurance Requirements for Greensboro House Moving Permits?
Greensboro does not require contractors to purchase any form of liability insurance as a prerequisite to obtaining a house moving permit. Contractors must purchase and maintain a $5,000 surety bond.
How Do Greensboro House Moving Contractors File Their Bonds?
House moving contractors in Greensboro should submit their completed bond forms, including the power of attorney, to the following address:
Development Services Division
300 W Washington Street
PO Box 26118
Greensboro, NC 27402
The surety bond requires signatures from both the surety company that issues the bond and from the contractor. The surety company should include the following information on the bond form:
- Legal name of entity/individual(s) buying the bond
- Surety company’s name and address
- Bond amount
- Location where the home will be moved
- Date the bond is signed
What Can Greensboro House Moving Contractors Do to Avoid Claims Against Their Bonds?
To avoid claims on their bonds, house moving contractors in Greensboro must ensure that they perform all repairs and improvements to the building’s plot within 12 months of the move.
What Other Insurance Products Can Agents Offer House Moving Contractors in Greensboro?
Most reputable contractors will purchase liability insurance. Bonds are our only business at BondExchange, so we do not issue any other types of insurance, but our agents often utilize brokers for this specific line of business. A list of brokers in this space can be found here.
How Can Insurance Agents Prospect for Greensboro Contractor Customers?
Greensboro conveniently provides a public database of active building permits in the city, which agents can use for prospecting purposes. We also suggest contacting the Development Services Department for a list of active house moving permits. Contact BondExchange for additional marketing resources. Agents can also leverage our print-mail relationships for discounted mailing services.