What is a PrePass Financial Guarantee Surety Bond?
PrePass is a toll paying service that lets qualified trucking companies, with fleets of all sizes, pay truck tolls electronically in participating states. This allows operators to improve efficiency, reduce costs and save money.
Who needs a PrePass Financial Guarantee Surety Bond?
As part of the application process, the participating business must submit a surety bond to PrePass. This license and permit bond guarantees that the principal (trucking company) will pay all tolls and fees associated with the service and comply with all terms and conditions of the service agreement. If the principal fails to comply with the terms of the bond, the obligee (PrePass) can file a claim against the bond for relief.
Which states require PrePass Financial Guarantee Surety Bonds?
Pacific Surety proudly offers PrePass Financial Guarantee Surety Bonds in all 50 states. Please contact us with any questions, and our knowledgeable underwriters will assist you.
What is the bond amount for PrePass Financial Guarantee Surety Bonds?
Bond amounts for PrePass Financial Guarantee Surety Bonds vary and are based on several factors, including the number of transponders and estimated toll usage charges. Please contact us with specific questions, and our knowledgeable underwriting staff will assist you.
How much does a PrePass Financial Guarantee Surety Bond cost?
Pricing for PrePass Financial Guarantee 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 all owners 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 PrePass Financial Guarantee 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 a PrePass Financial Guarantee Surety Bond with bad credit?
Pacific Surety offers a wide range of approvals, regardless of credit, for PrePass Financial Guarantee 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 a PrePass Financial Guarantee 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 a PrePass Financial Guarantee Surety Bond benefit?
Unlike insurance, which protects your business, PrePass Financial Guarantee Surety Bonds benefit the obligee (PrePass). If the principal (trucking company) does not pay all tolls and fees associated with the service, a claim can be filed 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.