Oxford Sidewalk Restoration Bond: A Comprehensive Guide
This guide provides information for insurance agents to help their customers obtain an Oxford Sidewalk Restoration bond
At a Glance:
- Lowest Cost: $100 per year or $10 per month
- Bond Amount: Equal to 110% of the estimated cost of the project
- Who Needs it: Persons applying for a permit to cut the asphalt/concrete of a sidewalk or street in Oxford, North Caroline and plan on doing the work themselves
- Purpose: To ensure the public will receive compensation for financial harm if the permittee fails to restore the sidewalk or street to its original condition
- Who Requires the Bond: The City of Oxford
Background
Oxford Code of Ordinances 18-12 requires all persons seeking to cut up the asphalt or concrete of a city sidewalk or street to obtain a permit. The Oxford Board of Commissioners enacted the permit requirement to ensure that the city’s infrastructure is not damaged as a result of the permittee’s activities. The work may be performed by either the permittee themself or by the Superintendent of Streets, provided however that the permittee pays them a fee of 110% of the estimated cost of doing the work. If the permittee does plan on completing the work themselves, they must purchase a surety bond to be eligible for a permit.
What is the Purpose of the Oxford Sidewalk Restoration Bond?
Oxford requires persons seeking to cut up a city sidewalk or street, and planning on doing the work themselves, to purchase a surety bond as part of the application process to obtain a permit. The bond ensures that the city will receive compensation for financial harm if the permittee fails to abide by the regulations outlined in Oxford Code of Ordinances 18-12. Specifically, the bond protects the city if the permittee fails to restore the sidewalk and/or street to its original condition. In short, the bond is a type of insurance that protects the city if the permittee violates the terms of their permit.
How Can an Insurance Agent Obtain an Oxford Sidewalk Restoration Surety Bond?
BondExchange makes obtaining an Oxford Sidewalk Restoration bond easy. Simply log in to your account and use our keyword search to find the “Oxford” 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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How is the Bond Amount Determined?
Oxford Code of Ordinances 18-12 dictates that the bond amount must be equal to 110% of the estimated cost of the project, including the cost of restoring the street and/or sidewalk.
Is a Credit Check Required for the Oxford Sidewalk Restoration Bond?
No, a credit check is not required for the Oxford Sidewalk Restoration bond. Because the bond is considered relatively low risk, the same low rate is offered to all permit applicants regardless of their credit history.
How Much Does the Oxford Sidewalk Restoration Bond Cost?
The Oxford Sidewalk Restoration bond costs just $100 per year or $10 per month.
Who is Required to Purchase the Bond?
Kingston requires persons seeking to cut up the concrete or asphalt of a city sidewalk or street to purchase a surety bond as a prerequisite to obtaining a permit. However, the city grants the permittee the option of hiring the Superintendent of Streets to perform the work. Permittees will only need to purchase a bond if they plan on performing the work themselves. If not, they must pay the Superintendent of Streets the full amount of the bond, or 110% of the project’s estimated cost.
BondExchange now offers monthly pay-as-you-go subscriptions for surety bonds. Your customers are able to purchase their bonds on a monthly basis and cancel them anytime. Learn more here.
How do Your Customers Apply For an Oxford Sidewalk Restoration Permit?
Your customers must navigate several steps to obtain an Oxford Sidewalk Restoration Permit. Below are the general guidelines, but your customers should refer to the permitting statutes for details on the process.
Step 1 – Contact the City
To obtain a sidewalk restoration permit, your customers should contact the city at (919) 603-1100 or visit City Hall in person at the following address:
300 Williamsboro St.,
Oxford, NC 27565
The city will walk your customer through the permit application process, and provide them with any application forms that must be submitted. The city will want to know the project’s purpose, scope, and estimated cost.
Step 2 – Purchase a Surety Bond
If your customer plans on doing the work themselves, as opposed to hiring the city, they must purchase a surety bond in an amount equal to 110% of the project’s estimated cost.
What are the Insurance Requirements for Sidewalk Restoration Permits in Oxford?
Oxford does not require your customers to purchase any form of liability insurance as a prerequisite to obtaining a sidewalk restoration permit. However, they may need insurance before being issued a business license. Permittees planning on doing the work themselves must purchase a surety bond.
How Do Your Customers File Their Oxford Sidewalk Restoration Bonds?
Your customers should submit their completed bond forms, including the power of attorney, to City Hall at the following address:
300 Williamsboro St.,
Oxford, NC 27565
The surety bond requires signatures from both the surety company that issues the bond and from your customer. The surety company should include the following information on the bond form:
- Legal name and permit classification of the entity/individual(s) buying the bond
- Surety company’s name and state of incorporation
- Entity requiring the bond
- Bond amount
- Date the bond goes into effect
- Date the bond is signed
What Can Your Customers do to Avoid Claims Against Their Oxford Sidewalk Restoration Bonds?
To avoid claims against their Oxford Sidewalk Restoration bonds, your customers must ensure that they restore all altered sidewalks and/or streets to their original conditions.
What Other Insurance Products Can Agents Offer Sidewalk Restoration Permit Holders in Oxford?
Most reputable permittees 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 Oxford Sidewalk Restoration Bond Customers?
Oxford unfortunately does not provide a public database of active permits in the city. We suggest contacting the city to obtain this information. Contact BondExchange for additional marketing resources. Agents can also leverage our print-mail relationships for discounted mailing services.