DMB Community Bank. A long-standing culture of community and entrepreneurship has allowed for multiple independent banks and credit unions in Madison, Wis., to prosper. Although,... Read more âº
Mine subsidence insurance costs $1 per thousand dollars worth of coverage a year. Private residences can be insured for $5,000 to $150,000. Other structures can be insured for up to $250,000. The insurance has a $250 deductible for residences and $500 for other structures. Only the structure can be insured, not its contents.
Subguard premiums are typically lower and can be 50-70% of the cost of a bond, not counting deductibles and co-pays. This lower cost can provide an advantage in bidding a project. However, many Subguard policies carry large deductibles, from $350,000 to $2 million with co-pay sharing at $1 million to $5 million. With a Surety Bond, the surety is responsible for prequalifying subcontractors, investigating any default, and responding to complete the contract or make payments.