New York Oversize and/or Overweight Special Hauling Permit Bond
What is a New York Oversize and/or Overweight Special Hauling Permit Bond?
Special hauling permits are required for vehicles that exceed the legal dimensions or weights specified in Section 385 of the New York State Vehicle and Traffic Law. This permit must be obtained before the vehicle can traverse the New York State highways during specific time periods and on permissible hauling days.
When obtaining a special hauling permit, the New York Department of Transportation may require the applicant to submit a sufficient bond. This bond will serve as a financial security in case the permit holder violates any of the provisions of the said law or the rules and regulations of the New York Department of Transportation.
How much does a New York Oversize and/or Overweight Special Hauling Permit Bond cost?
The permit applicant will not pay the full bond amount, only a small percentage of it as bond premium. Bond premium will depend on the permit applicant’s credit score.
Those who have excellent credit scores will be eligible to pay as low as 1.5% of the bond amount.
|≥ 16 Feet but < 17 Feet||$10,000|
|≥ 17 Feet||$30,000|
|> 16 Feet||$10,000|
|> 160 Feet||$10,000|
|≥ 200,000 Lbs. but < 300,000 Lbs.||$10,000|
|≥ 300,000 Lbs. but < 400,000 Lbs.||$20,000|
|> 400,000 Lbs||$50,000|
If there is a combination of dimension and weight, the total bond amount is determined by adding the bond amount required for each dimension and total weight.
How can I get a New York Oversize and/or Overweight Special Hauling Permit Bond?
- The first thing that you have to do is to APPLY FOR THIS BOND HERE!
- You will be asked to submit documents needed for the prequalification process. The following will be checked during the prequalification process:
- Your financial capability
- Your business or job performance history
- Your credit score
To avoid any delays, please ensure that the information that you will submit is complete.
- Your surety bond will be issued and sent to you after the indemnity agreement is signed.
How does a New York Oversize and/or Overweight Special Hauling Permit Bond work?
This bond has 3 parties:
Principal – Oversize and/or Overweight Special Hauling Permit applicant
Obligee – New York Department of Transportation
Surety – surety bond provider
Under the terms of this bond, the Principal must comply with the relevant laws of the State and to the permit’s conditions. The Surety will assure the Obligee that the Principal will fulfill all the obligations.
If not, the Obligee can file a claim against the bond. The Surety will first investigate the validity of the claim. Once the Surety has paid the Obligee, the Principal must reimburse the Surety of the full amount.
Ready to apply for your surety bond? START HERE!