What is a Pennsylvania Turnpike Toll Bond?
The Pennsylvania Turnpike Commission requires any persons applying to open an E-ZPass account to secure a surety bond if the account holder obtains an annual turnpike usage of $5,000.
The Turnpike Toll Bond is used as an extension of credit for the use of the Pennsylvania Turnpike System guaranteeing that the Commission will receive payment in the event the account holder defaults on payment of its invoice.
The bond ensures that the account holders pay the full amount within thirty days of the invoice’s postmarked date.
The Pennsylvania Turnpike System is a controlled-access toll road operated by the Commission, where it starts at the Ohio state line and ends at the New Jersey border.
What is the bond amount?
The bond amount is determined by the Pennsylvania Turnpike Commission.
If you have a stellar credit score, you will be eligible for a low bond premium. The bond cost is a percentage of the bond amount, usually ranging between 1% and 5%.
How can I obtain a Turnpike Toll Bond?
You can easily get this surety bond from us! We will guide you through the entire process. We’ll make sure that you will understand what you are getting into.
Here’s how to do get bonded:
- You have to send an application to us. You can fill out a form to obtain your FREE SURETY BOND QUOTE!
- After we have received your application, we will ask you to submit the necessary information needed for the underwriting process. Typically, a certified surety underwriter will look into your credit score as an indicator of your bonding capacity.
An expert underwriter will carefully evaluate your submitted documents to attain the best credit decision possible. To avoid any delay, the information that you provide should be organized and concise.
3. Your surety bond will be issued and sent to you!
What are the bond conditions?
- The Surety must be authorized to write bonds in the Commonwealth of Pennsylvania.
- The Principal must desire the extension of credit and secure the payment for the use of The Pennsylvania Turnpike System.
- The Principal must pay the Commission the amount of the invoice within 30 days from the postmarked date of the monthly invoice.
- If the Principal does not default on payments, then the obligation will be null and void. Otherwise, it will remain in full force and effect.
- The bond form must be provided to the Surety to be completed. The Surety must use the surety bond form provided by the Pennsylvania Turnpike Commission.
- Any bond which is not in the proper form will be returned and may cause a delay in opening an E-ZPass account.
- The bond may be canceled by having the Surety provide a 60-day written notice to the Commission’s Accounts-receivable-CVO.
Note: Along with the surety bond, the E-ZPass Commercial Application, Terms and Conditions, and Transponder Order Form must be completed. Completed forms should be sent to The Pennsylvania Turnpike Commission.
Contact us at 800-333-7800 today!