A Toll Road bond allows the carrier to pay the toll at a later time. If the Principal does not pay the toll bill the Surety Bond will. PrePass has several options to streamline the process of using their toll roads, avoid waiting in line and having multiple bills. The PrePass Plus program provides toll payment services and one consolidated billing statement covering multiple tolling authorities, including E-ZPass, SunPass, K-Tag, PikePass, TxTag and FasTrak networks. This way, customers do not need multiple transponders or have to deal with bills from each tolling authority. PrePass pays each authority individually and provides customers with one bill.
If you get approved under the PrePass Plus program, you will need to setup a line of credit with them. Once approved and the line of credit is setup, carriers will need to obtain a PrePass Bond or make an escrow deposit, plus pay a nominal monthly fee based on fleet size and the rest is billed after the toll charges are processed.
If the principal defaults on the line of credit the PrePass Bond will be used to reimburse PrePass for any loss, expense or damage caused by the principal. Afterwards, the Principal will have to reimburse the Surety for any loss or expense the Surety has occurred.
There are 3 parts to a Prepass bond. The first Part is the obligee, which is Prepass (Help, Inc) they are the entity requiring you to have the bond. Next is the Surety, they're the party that takes responsibility for the debt, default or other financial responsibilities of another party. Lastly is the Principal which is you.
Appling for a PrePass bond with our company is simple. Just fill out our online application and we will get you approved! PrePass Bond ApplicationApply »