PrePass Safety Alliance, formerly known as HELP Inc. began in the late 1980s as a collaborative research project between a group of state transportation directors and trucking company executives. The goal was to make the roads safer and more efficient for motor carriers using technology to weigh trucks at highway speeds and allow compliant trucks to bypass weigh stations. One service offered by PrePass is a prepaid toll service. In lieu of a cash deposit for the estimated toll receipts, a PrePass Financial Guarantee Bond is now accepted as an alternative. The bond is a type of surety bond
What is a financial guarantee bond?
PrePass may agree to furnish a line of credit for tolls and service fees to the Principal (trucking firm or transportation firm). The PrePass Financial Guarantee Bond guarantees that the principal, (trucking or transportation firm) will pay the full amount of all sums which become due for services to be furnished and/or all monies to become due under the terms of the line of credit agreement. If the surety suffers a loss under this bond, the surety will seek reimbursement form the principal for all losses, including any claims expense. An agreement of indemnity will be required by the surety and in most cases, a personal guarantee of the owners of the company requesting the bond will be necessary to obtain the surety bond. Given the financial guarantee nature of the surety bond, the underwriting is credit based. Surety1 has markets for this bond even for those with challenged credit.
What is the process to obtain a bond ?
At Surety1, we make it easy to get you bonded. For fast service, simply complete our easy to use, online application . When applying, choose “All States / Federal Bonds” for the location. Usually, within 1 business day one of our surety bond professionals will contact you with a firm quote for the bond. If the bond is sizable, (over $50,000 in most cases) full financial disclosures may be required. Once the bond is approved, sign some paperwork, make payment (all major credit cards accepted) and your bond will be delivered via traceable delivery service. Overnight shipping is available.
Surety1, an AssuredPartners agency is a surety bond only agency located in Rancho Cordova California. Since 2003, Surety1 has been the premier online provider of surety bonds nationwide. Surety1 is licensed in all 50 states and maintains an A+ rating by the Better Business Bureau .