Superheavy of Oversize Permit Bonds Explained
This surety bond is required from anyone who wants to transport superheavy or oversized loads through Texas. The bond must be posted with the Texas Department of Transportation, which is the bond’s obligee and issues the permit allowing the load to pass.
Superheavy or oversize permit bonds guarantee that the state will be able to obtain quick compensation for any damages that may result from the handling of superheavy or oversize loads. The bond extends its coverage to all highways which are under the jurisdiction of the Transportation Commission.
Carriers are advised to go through Chapter 623 of the Transportation Code, to make sure they understand the provision they should comply with.
The Questions sections below contains more useful information about these surety bonds. If you have any questions, contact our agents at (877)-514-5146. We’re looking forward to your call!
Questions about Superheavy Or Oversize Permit Bond
What’s the cost of a Texas superheavy or oversize permit bond?
The total value of this bond is $10,000. This is not the bond’s cost, however. $10,000 is the maximum amount that the state of Texas can claim as compensation if you violate the terms of the bond agreement and cause damages to state highways.
Your actual cost is based on a number of factors such as your personal credit score. Credit score is the single most important determinant of your price– although additional factors, such as your business’ age and financial strength, are also considered.
In the table below you can see what your expected premium will be based on your credit score bracket.
|Bond Type||Surety Bond Amount||Above 700||Between 650-699||Between 600-649||Below 599|
|Texas Superheavy or Oversize Permit Bond||$10,000||$100-$150||$100-$300||$250-$500||$500-$1,000|
Check out our What Does a Surety Bond Cost? Page if you want ot learn more about bond premiums.
Can I get bonded if I have a low credit score?
If you have a low credit score (650 or below) you needn’t worry. We can still get you bonded in 99% of cases. The only two exceptions are if you have an open bankruptcies or are late with your child support payments.
As you can see from the table above, premiums tend to be higher for applicants with a low score, and that also holds true for new businesses, those with no credit history, or red flags in their credit report such as past due items. All of these signal higher risk to the bonding company which raises the quote to offset the risk.
However, working on improving your credit score and clearing credit report issues can significantly lower your premium when renewal is due. Our agents will also be happy to help you with personalized advice on how you can craft an application that focuses on your strengths.
To find out more about getting bonded with bad credit, visit our dedicated page.
How do I apply to get bonded?
Simply fill out our online application and we’ll take care of the rest. After you provide ownership information, we’ll be able to give you a free bond quote and help you procure the required paperwork.
Usually, your bond will be ready within one or two business days, although we advise getting your bond at least a month in advance.
How do I renew my superheavy or oversize permit bond?
Superheavy or oversize permit bonds in Texas expire annually on August 31st, and need to be renewed if you wish to keep your permit valid.
The renewal application is simple. If you choose Lance Surety Bonds, we will make sure you renew your bond on time and not risk the revocation of your permit. We always send several reminders in due time, so you can rest assured and focus on your business.
Still got questions about these bonds or the application process? Call us at (877)-514-5146 and let us know how we can help!