Platinum Bonds Insurance Agency
Research before you apply.Highway Encroachment
Essential point: Pin down whether this is your bond, then start the application. Ava can confirm the right state and license type if you are not sure.
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BBB A+ AccreditedView the agency profileHighway Encroachment
Construction contractors bidding on or awarded Michigan state or local government public works contracts valued over $50,000 must obtain this bond as mandated by the Michigan Public Works Bond Act of 1963, ensuring project completion per contract terms.
Performance bonds guarantee that a contractor will complete a project according to the contract terms. Typical Pricing:. • Small contracts: Commonly around 1–5% of the contract value (one-time upfront premium). • Larger contracts: Rates generally scale lower as contract size increases. • Credit impact: Good credit: starting around 1–2% · Average credit: typically 2–4% · Credit challenges: often 4–5% or higher. • Full underwriting required: Credit, financials, experience, and bonding history reviewed. Performance bonds are typically required for public construction projects and many private projects. Bond amounts are usually 100% of the contract value. Rates may be higher when risk factors a…
Your quote determines the actual premium.Full underwriting required — typically 3–5 business days
Timing can change when underwriting needs more information.Confirm the bond and provide applicant and business details.
See the terms and premium before deciding to continue.
Complete the required payment and signatures.
Get the issued bond and filing or delivery instructions.
Helpful guidance, a real agency team, and a clear path from research to application.
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“My bond application was processed and received very quickly.”
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“I highly recommend you do business with these folks.”
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