Utility bond cost
Surety Bonds offers New York utility service guaranty bonds for varying amounts. These bonds also have different premiums depending on each applicant’s individual credit report. Even though this bond is subject to underwriting, our experts can still get you your bond for the best price for your credit situation.
Why this bond
Posting a utility bond means signifying an agreement between the utility company and the insurance company. If the applicant does not remain in compliance with the corporation’s rules and regulations and develops an accumulation of unpaid bills for electric services, this bond will act as a safeguard so the utility company doesn’t face major losses due to negligence on the principal’s behalf.
If the principal violates the terms of his or her bond agreement, the surety will pay for all damages up to the full bond amount. The principal is then responsible for paying the surety back in a reasonable and responsible amount of time.
Utility bond details
Key Span Gas Corp DBA National Grid utility bonds, Con Edison utility bonds and Long Island Lighting Company utility bonds require a 30 days written notice if the principal or the surety decide to cancel the bond prior to its set date of expiration. This notice must be submitted and filed with the obligee. National Fuel Gas Distribution utility bonds require a 60 days written notice.
Key Span Gas Corp DBA National Grad utility bonds, Long Island Lighting Company utility bonds and National Fuel Gas Distribution utility bonds all run for a standard one year period. Con Edison utility bonds are valid for a 3 year bond term.
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