Contract Surety

2020 Federal Budget Omits Funds for Hudson River Tunnel Construction

07/01/2019

Federal funding for the proposed $13 billion Hudson River train tunnel that would have connected New York with Northern New Jersey was excluded from President Donald Trump’s $4.7 trillion 2020 budget request to Congress.

Deputy Transportation Secretary Jeffrey Rosen said the project is the responsibility of the local and state governments. The Administration is showing that it will prioritize funding for projects securing the most non-federal financial support.

The current New York-New Jersey transit system was damaged by Superstorm Sandy in 2012 and has been estimated to have 10-15 years of operating lifespan left if significant maintenance is invested.

For more information on this construction project, click here.

Where can construction projects like the Hudson River rail tunnel go for bid and payment/performance bonds?

Colonial offers the direct and digital way to obtain bid and payment/performance bonds as well as any other surety bonds. We are the insurance company — which means no agent, no broker, and no middleman. We make it easy to obtain your bond. The steps are easy — get a quote online, fill out your information, satisfy underwriting requirements, and enter your payment method. Print your bond from your office. It’s that simple!

Colonial gives you an easier way to manage your bid and payment/performance bonds online. Having your single and aggregate limits in writing allows you to update your work on hand and adjust your bonding capacity in real time.