Who needs a contractor’s excavation bond in Albuquerque, New Mexico?
Any contractors excavating in the city’s right-of-way must post a $10,000 contractor’s excavation bond (see form). Those working with concrete must post an additional $5,000 contractor’s sidewalk, curb, and gutter bond (see form). A contractor performing a water tap must post a water tapping bond (amount varies).
Additional requirements for right-of-way contractors include:
- $2,000,000 in general liability insurance coverage
- State license
- City of Albuquerque right-of-way permit
You’ll find complete requirements in the city’s procedures to obtain permits PDF.
Need help? Call ZipBonds at (888) 435-4191 to discuss the bonding process with one of our agents. You can also visit our page on contractor license bonds in New Mexico for state-specific information.
Get Your Albuquerque Contractor License Bond:
How does an Albuquerque contractor’s excavation bond work?
A contractor bond protects clients, ensuring contractors fulfill all work obligations. By signing the bond agreement, contractors also promise to follow the standards and regulations of the obligee (City of Albuquerque).
Clients can file a claim for damages if a contractor breaks any part of the bond agreement. The surety first pays out approved claims, but contractors are ultimately responsible for paying back claims up to the full bond amount.
ZipBonds offers bond premiums for contractor license bonds for as low as $100. We can issue these bonds instantly due to simple underwriting. We don’t even require a credit check.
Frequently Asked Questions
Often, bonds run on one-year terms. Your bond’s renewal date will be listed on the bond form. Ensure that your bond, permit, and license stay up to date to remain in good legal standing.
In most cases, you will only need a single license bond. Multiple bonds may be required in some cases, such as if you excavate and work with concrete in Albuquerque. Read your municipality’s requirements carefully to ensure you’re working lawfully.
Apply for Your Contractor Bond in Albuquerque, NM
ZipBonds offers the fastest and most secure option for getting bonded. Our all-digital platform is intuitive and straightforward. Apply online, email email@example.com or call 888.435.4191 to speak with an agent directly.
Founders Ryan Swalve and Zach Mefferd formed the vision for ZipBonds.com when they realized how overly complicated it was to help clients place surety. The frustration of being unable to incorporate the technology they’d used in other insurance-focused projects left them thinking “there has to be a better way.”
Fast forward a couple of years, and that better way is the impetus of everything we do at ZipBonds. We constantly look for innovative ways to improve the bonding process for our clients and agents. Our team comprises individuals who understand all angles of surety – for companies, agencies, and individuals. Incorporating everyone’s point of view to improve the process while simultaneously integrating cutting-edge technology is what sets our business apart.