Who is required to have an Excess Weight Surety Bond?
Excess Weight Surety Bonds are required for any individuals and businesses that use public roadways to transport loads which exceed the legal weight limit, or height and length requirements. Due to the heightened risk of damage to roadways, many states require carriers to get a special weight permit for excess weight vehicles.
Posting an excess weight surety bond is often a requirement in the process.
How do Excess Weight Bonds work?
These surety bonds protect state governments and applicable legislative bodies against roadway damages caused through the transport of overweight or oversized vehicles and cargo. They guarantee that the carrier will cover any damages caused by their activities and provide compensation to the state, or other local authorities, if the bonded carrier does not make payments to fix the damage.
Which states require this Surety Bond?
Pacific Surety proudly offers Excess Weight Surety Bonds in the following states:
If you do not see your state listed, please contact us, and our knowledgeable underwriters will assist you.
What is the bond amount for Excess Weight Surety Bonds?
Amounts for Excess Weight Surety Bonds vary and are set by the local rules and statutes regulating the industry. Therefore, bond amounts and requirements will fluctuate from bond to bond. Please contact us with specific questions, and our knowledgeable underwriting staff will assist you.
How much does an Excess Weight Surety Bond cost?
Pricing for Excess Weight Surety Bonds varies, and your premium will be based on the following factors:
- State the bond is required in
- Amount of the bond
- Term length of the bond
- Personal credit for all owners with at least a 10% ownership stake in the business
Individuals with good credit can expect to pay 1%-5% of the bond amount. Qualified applicants could pay as little as $100 annually for a $10,000 Excess Weight Surety Bond. To find out how much your bond is going to cost, please complete our online application for your free, no obligation price quote.
Can I get this Surety Bond with bad credit?
Pacific Surety offers a wide range of approvals, regardless of credit, for Excess Weight Surety Bonds. With our strong surety relationships, we have the ability to approve 99% of applicants, regardless of how bad their credit is. Our knowledgeable underwriting staff will work with you to ensure you receive the lowest possible pricing for your bond.
Applicants with substandard credit can expect to pay 5%-10% of the bond amount in premium. To see what rate you will qualify for, please complete our online application for your free, no obligation price quote.
How are Excess Weight Surety Bonds purchased?
The first step is to complete our quick online application for your free, no obligation bond quote. Submission takes only five minutes, and our underwriting staff will be in contact with you within a couple of hours with pricing. If you prefer to speak with our knowledgeable staff, please call 1-866-722-7873 and one of our Underwriters will assist you in applying for your bond.
After you receive approval, you must sign an indemnity agreement with the surety and provide payment for your bond premium. In most cases, we can issue bonds the same day we receive your signed documents and payment.
How are claims handled for Excess Weight Surety Bonds?
Unlike insurance, which protects your business, Excess Weight Surety Bonds protects the state. They guarantee you will cover any damages caused by your activities.
If you do not comply with the terms of the bond, the state can file a claim with the surety company for relief. If the claim is valid, the surety will pay up to the penal sum of the bond to resolve the claim. You are then required to reimburse the surety for all monies paid out, including any attorney fees incurred by the surety in the defense of the claim.
Claims can be detrimental to your business. Not only do they cause financial harm, they make it very difficult, if not impossible, to get bonded again.