What is a New York State Thruway Authority Bond?
Travel between various interchanges of the Thruway with this surety bond!
Every customer that operates commercial motor vehicles and has entered into a Credit Agreement with Thruway Authority must obtain a surety bond. The surety bond will ensure that the customer will do the following:
- Pay the invoices for toll trips no later than 30 days after the date of invoice
- Promptly pay the monthly E-ZPass Tag fees
- Promptly pay the special hauling permit fees
- Promptly pay the charges for other specialized permitted uses of the Thruway system
If any of the obligations are not fulfilled by the bonded customer, the Obligee will be eligible to recover all payments on the surety bond up to its face value.
The credit agreement and the surety bond requirement will only be for businesses, commercial, and agriculture purposes.
What is the Thruway Authority Bond amount?
The bond amount will vary per Thruway Authority customer and will be determined by Thruway Authority.
The bond amount should be equal to at least 3-month worth of billings for Thruway tolls and related charges.
If you have determined your bond amount, you may get a tailored quote of your bond premium today!
Check out what you need to pay by getting your FREE SURETY BOND QUOTE HERE!
How can I get a Thruway Authority Bond?
To secure this type of bond, the customer must seek the assistance of a surety bond company.
You will be asked to apply for this bond. If you’re ready to apply for one right now, you may easily do so HERE!
Once the application is received, the surety bond company will immediately process it. In our case, one of our expert surety bond agents will guide you through the whole process from the time you applied for the bond until its issuance.
An underwriter will then evaluate the following:
- Your financial strength
- Your job/business performance history
- Your credit score
You will also need to submit the required bond form.
Once the pre-qualification process is fulfilled, we will execute the bond and send it to you!
What are the surety bond conditions?
- The surety bond should be issued by a surety bond agent or company that is authorized to conduct business in the State of New York
- The surety bond parties:
Principal – New York State Thruway Authority customer
Obligee – New York State Thruway Authority
Surety – Surety Bond Authority
- The New York State Thruway Authority customer must obey the provisions of Title 9 of the New York State Public Authorities Law, as well as the rules and regulations of the New York State Thruway Authority
- If the New York State Thruway Authority customer violates any of the provisions or rules by defaulting on its obligations, the Obligee will be eligible to file a claim against the surety bond
- The New York State Thruway Authority may increase the bond amount as deemed necessary
Ready to start on your Thruway Authority bond? APPLY NOW!