Miami, a city known for its vibrant culture and stunning landscapes, places immense value on its green canopy. To safeguard this natural treasure during construction, the Miami City Code (17-4(c)(5)) requires a Tree Protection Bond. This bond serves as a guarantee that designated trees won’t be harmed during development, and if damage occurs, the responsible party will reimburse the loss or replace the trees that were damaged.
The Tree Protection Bond is an essential component of Miami’s development regulations. It’s a monetary guarantee aimed at protecting trees during construction projects. The bond is determined based on the value of the trees that are to remain or be relocated. This ensures that their preservation is accounted for financially, aligning with the city’s commitment to environmental conservation.
Securing a Tree Protection Bond can be complex, but Lexington National Insurance Corporation simplifies this process. As a market for such surety bonds, Lexington National connects contractors and developers with experienced local surety agents. Whether you are local to Miami or coming in for a project from out of state, Lexington National can help connect you with a licensed Florida insurance agent to assist you through the bond process. Our agents specialize in navigating the intricacies of obtaining Tree Protection Bonds, ensuring compliance with Miami City Code regulations.
What sets Lexington National Insurance Corporation apart is its underwriting based on financial strength and experience. Contractors and developers can rely on Lexington National’s expertise, knowing that the underwriting process prioritizes reliability and proven track records.
Determining the amount of the Tree Protection Bond involves assessing the value of the trees slated for preservation or relocation. This valuation serves as the basis for the bond amount, emphasizing the financial commitment to protect Miami’s greenery.
Moreover, understanding the financial aspects of the bond is crucial. The premium for the Tree Protection Bond is due annually until the bond is released by the city of Miami. Typically, the bond is held by the City of Miami until one year after the final certificate of occupancy is granted by the City.
Lexington National Insurance Corporation not only simplifies the bond acquisition process but also ensures ongoing support. Contractors and developers can rely on Lexington National’s network of knowledgeable agents who guide them through securing the Tree Protection Bond, aligning with the city’s regulations while preserving Miami’s lush green landscape.
Lexington National has the capability to assist contractors and developers with large bond amounts. For larger bonds, financial statements of the contractor and developer will be required. In certain cases, it may be necessary to provide financial statements for the personal owners of the entity.
In conclusion, the Tree Protection Bond mandated by Miami City Code represents a crucial step in balancing development with environmental conservation. Through the expertise of Lexington National Insurance Corporation and its network of local surety agents, contractors and developers can navigate the complexities of obtaining this bond, ensuring the preservation of Miami’s valuable trees for generations to come.