If you do any construction or contract work in Austin, you may need an Austin Right of Way Bond.
What Is an Austin Right of Way Bond?
This bond is put in place to ensure the safety of the public and the city, and guarantee that the public has the right of way. The bond holder must protect and preserve the public property that is adjacent to the worksite.
If the bond holder doesn’t abide by the terms of the bond and a claim is filed, then your surety company will cover the claim.
How Much Does the Bond Cost?
The cost of the bond, or the premium, varies and is determined by the amount of your bond coverage. The condition of the property that is near your private work site also may impact your costs.
What You Need to Apply
When applying for a right of way bond, you may need to provide:
- A financial statement
- A copy of the engineer’s estimate
- A copy of your bank statement
If you think you may need an Austin Right of Way Bond, contact us to get started or apply online now.