What is a Bridge Toll Surety Bond?
Bridge Toll Surety Bonds are designed to allot sufficient funds for the construction and maintenance of bridges. These surety bonds serve as an agreement between applicable city or state governments and the construction company or contractor responsible for the development of the bridge, ensuring that regular maintenance and required upkeep are addressed in return for agreed upon compensation.
Payment for these services is amassed through public taxes.
Who needs a Bridge Toll Surety Bond?
Bridge Toll Surety Bonds are required for any company or contractor that develops, constructs and maintains toll bridges through an agreement with a city or state government.
Which states require Bridge Toll Surety Bonds?
Pacific Surety proudly offers Bridge Toll 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 Bridge Toll Bonds?
Amounts for Bridge Toll 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 do Bridge Toll Surety Bonds cost?
Pricing for Bridge Toll 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 between 1%-5% of the bond amount. Qualified applicants could pay as little as $100 annually for a $10,000 Bridge Toll 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 Bridge Toll Surety Bond with bad credit?
Pacific Surety offers a wide range of approvals, regardless of credit, for Bridge Toll 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 Bridge Toll 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.
Who does a Bridge Toll Surety Bond protect?
Unlike insurance, which protects your business, Bridge Toll Surety Bonds protect the state, i.e. the general public. Bridge Toll Surety Bonds protects the general public against potential damages or losses incurred through unsafe construction standards and negligence. If the principal’s actions cause any damage, 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. The principal is 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.