What is an Oversize and Overweight Haulers Surety Bond?
Oversize and Overweight Haulers Surety Bonds are required for trucking companies that utilize oversized and overweight motor vehicles to transport goods on public highways.
These license and permit surety bonds guarantee that these companies issue prompt and full payment for any taxes, fees and penalties that are imposed by their given state’s size and weight limit policies. The extent of these financial responsibilities varies based on state, excess amount, number of vehicles and tax reporting methods. These funds collected are allocated for necessary highway construction and maintenance efforts.
Which states require Oversize and Overweight Haulers Surety Bonds?
Pacific Surety proudly offers Oversize and Overweight Haulers Surety Bonds in the following states:
- Arkansas
- California
- Connecticut
- Georgia
- Illinois
- Indiana
- Kentucky
- Louisiana
- Maryland
- Missouri
- Montana
- New Hampshire
- New Mexico
- New York
- North Carolina
- Oklahoma
- Oregon
- Pennsylvania
- South Carolina
- Texas
- West Virginia
If you do not see your state listed, please contact us and our knowledgeable underwriters will assist you.
What is the bond amount for Oversize and Overweight Haulers Surety Bonds?
Bond amounts for Oversize and Overweight Surety Bonds will vary and based on the obligee’s requirements for licensure. Bond amounts and requirements will fluctuate from state to state. Please contact us with specific questions, and our knowledgeable underwriting staff will assist you.
How much does an Oversize and Overweight Haulers Surety Bond cost?
Pricing for an Overweight and Overweight Haulers Surety Bonds will vary, 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 anyone with at least a 10% ownership stake in the business
Individuals with good credit can expect to pay between 1%-5% of the bond amount. Qualified applicants could pay as little as $100 annually for a $10,000 Oversize and Overweight Haulers 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 an Oversize and Overweight Haulers Surety Bond with bad credit?
Pacific Surety offers a wide range of approvals, regardless of credit, for Oversize and Overnight Haulers 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 do I purchase an Oversize and Overweight Haulers Surety Bond?
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.
Who does an Oversize and Overweight Haulers Surety Bond protect?
Oversize And Overweight Haulers Surety Bonds guarantee that companies issue prompt and full payment for any taxes, fees and penalties that are imposed by their given state’s size and weight limit policies. The extent of these financial responsibilities varies based on state, excess amount, number of vehicles and tax reporting methods. These funds collected are allocated for necessary highway construction and maintenance efforts.
Should the principal default on the payment to the obligee, a claim can be filed on the bond. 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.