Financial Guarantee Bond - PrePass / HELP Inc. in All States
Table of Contents
Brief Summary
If you want PrePass Tolls or PrePass Plus, the Alliance will ask for a payment guarantee before tolls start running through your account. A surety bond covers that guarantee for an annual premium, so you are not tying up cash in a deposit while your trucks are on the road.
PrePass Safety Alliance requires carriers who use its tolling services to post a Payment Guarantee Amount. The Alliance sets the figure at account setup based on your estimated monthly tolling, pass through and program charges, and credit history, and it can be posted as a bond, letter of credit or cash deposit. The amount can be adjusted with 30 days notice.
We can help with all All States bonds!
How to Apply for a Financial Guarantee Bond:
- Open or update your PrePass account and request tolling service.
- Get the Payment Guarantee Amount PrePass discloses at account setup.
- Confirm the obligee name and any required bond form with PrePass.
- Complete the bond application with your company and owner details.
- Pay the premium and send the signed bond to PrePass.
Detailed Information About the All States Financial Guarantee Bond:
There is no single bond amount
The first thing to know is that PrePass does not publish one fixed bond figure. Under section 2 of the PrePass Supplemental Terms, a carrier using PrePass Tolls or PrePass Plus must provide either a Payment Guarantee Amount or a Required Program Amount. The Payment Guarantee Amount is set by the Alliance using your estimated monthly tolling and other activity, pass through and program charges, and your credit history. It is disclosed when the account is set up. Get that number from PrePass before you apply for the bond, because the bond has to match it.
The amount can change
The Alliance reviews account activity over time and can raise or lower the guarantee to reflect your average monthly charges and fees, with 30 days notice. A fleet that grows or starts running more toll roads may be asked to increase its bond. The Supplemental Terms also say the guarantee cannot be used to pay recurring charges, so the bond sits behind your account rather than funding it.
What the bond guarantees
The bond backs your promise to pay what you owe PrePass for tolls, pass through charges and fees billed to your account. If you fail to pay, PrePass can make a claim on the bond and the surety pays up to the bond amount, then looks to you for repayment. A bond is one of several accepted forms. A letter of credit or a cash deposit also works, and many carriers pick the bond to keep cash free.
Before you buy
This listing uses the HELP Inc. name. Confirm with PrePass the exact obligee name, the bond amount, and whether they want their own bond form before the bond is issued.
Eligibility and Requirements for an All States Financial Guarantee Bond:
- Bond amount equal to the Payment Guarantee Amount set by the Alliance.
- Obligee named exactly as PrePass instructs.
- Carrier legal name on the bond matching the PrePass account.
- Credit review, since PrePass and the surety both look at credit history.
- Willingness to increase the bond if PrePass adjusts the guarantee.
All States Financial Guarantee Bond FAQs:
It depends on your account. The Alliance sets the Payment Guarantee Amount from your estimated monthly tolling, pass through and program charges, and credit history, then tells you the figure at account setup.
The Supplemental Terms tie the payment guarantee to tolling services, meaning PrePass Tolls or PrePass Plus. Ask PrePass if your plan needs one.
Yes. PrePass can review your account activity and adjust the guarantee to match your average monthly charges, with 30 days notice.
No. The guarantee can also be a letter of credit, a cash deposit or another form PrePass accepts. A bond lets you keep that cash in the business.
No. You pay a premium that is a portion of the bond amount, set by the surety after reviewing credit and business history.
