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Waste Hauler Surety Bond

In 2015, more than 137 million tons of garbage were hauled to landfills. Food made up 22% of that waste followed by plastics at 19% and paper at 13%. Waste collection is a huge effort and essential for public sanitation, so the industry is regulated carefully.

A Waste hauler bond, sometimes known as a solid waste disposal bond, is a type of license/permit surety bond. The bond is typically required to gain a license or permit to haul solid waste within a city, state, or municipality. There are more specific classifications of waste hauler in different states such as:

  • California – $10,000 Waste Tire Hauler bond.
  • Colorado – $10,000 Waste Grease Transporter bond.
  • New Mexico – $10,000 Scrap Tire Hauler bond.

There are many other specific waste hauler classifications that require surety bond security.

Waste hauler bonds provide a form of additional incentive for the licensed organization to abide by applicable regulations. The bond is typically in place to protect the public. A claim may be made on the bond in instances where the solid waste was mishandled causing loss or damage to another party.

What is a Waste Hauler Surety Bond?

This and any kind of surety bond is an agreement between three parties. The obligee is whatever entity requires the bond and sets the limits. Whichever state agency is responsible for overseeing waste management is typically the obligee, but bonds may also be required at the county, city, or municipal level, in which case those agencies would be the obligee. The principal is whoever is responsible for obtaining the bond, meaning you, the waste hauler. When a business is owned by multiple parties there may be multiple principals. The surety is any company that issues bonds that meet the state or local requirements. Viking Bond Service has become a leading surety company by offering surety bonds for waste haulers across the country.

How Does a Waste Hauler Bond Work?

Surety bonds are effectively a line of credit. They guarantee the obligee will be compensated if any rules pertaining to waste hauling are broken. Here's an example of how it works: A waste hauler damages property while picking up trash. In order to recoup the cost of repairs, the property owner files a claim with the agency overseeing waste haulers. The surety company then investigates the claim, determines if it's valid, and pays the amount of the claim up to the total of the bond. Finally, the surety collects the claim amount from you, the principal. Even though the surety company pays first, the waste hauler has full financial responsibility in the end.

Why Do You Need a Waste Hauler Bond?

The purpose of all surety bond types is to create an incentive against illegal or unethical behavior. This is done by holding the bondholder accountable for misbehavior and the damages it causes to persons or the public at large. Waste hauler bonds are no different. By making the bondholder liable for conduct in violation of state and local laws, these bonds compel waste haulers to follow those laws closely. And, if they do not, the bonds force them to take financial responsibility – either by paying the principal or by paying the surety. Either way, unscrupulous waste haulers cannot avoid accountability. Likewise, injured parties are guaranteed compensation for their losses.

How Much Does a Waste Hauler Surety Bond Cost?

The cost of a surety bond is a small percentage of the total bond amount, often around 2-3%. That means if you're required to have a $10,000 bond, your premium is only $200 to $300 paid annually. The exact amount you pay depends on your bond application. Underwriters will review your personal and business finances to determine how much risk you pose. Basically, they're calculating how likely you are to pay back the surety company for any claims it compensates. Applicants with bad credit can be approved but typically with higher premiums. Viking Bond Service strives to find all applicants the most affordable options available.

How to Apply for a Waste Hauler Bond

When it comes to surety bonds for waste haulers, it's wise to apply for a bond as soon as you learn you need one. Since having a bond is a condition of operating legally, you won't be able to start or sustain a business without obtaining the required surety bond. Fortunately, Viking Bond Service makes the application process simple and straightforward. You need to provide some basic information about yourself and anyone else with 10% or more ownership in the business. There may also be questions to answer about your financial history. In most cases, you receive a quote within 24 hours of completing the application. After you pay the premium and send proof of the bond to the obligee, your bond responsibilities are fulfilled for the duration of the bond.

Renewing a Waste Hauler Bond

All waste hauler surety bond requirements stipulate that you need to prove you have the mandatory surety bond before providing any waste hauler services, then keep the bond coverage active and in good standing for as long as you continue providing those services. Loss of bond coverage can result from claims or unsettled debts. Much more common, however, is that bond coverage lapses because of a failure to renew.

Once you apply for the bond and pay the initial premium to activate coverage, it remains in effect for 12 months (in most cases). The surety will provide advanced notice, several times, of the renewal deadline. Acting promptly will be essential because lapsed bond coverage makes it illegal to haul waste any longer and can lead to steep fines and penalties.

Renewing the bond involves an additional credit check. The surety that underwrites the waste hauler bond is trying to assess how your credit standing – and therefore bonding risk – has changed since the last renewal. Those changes will be reflected in the cost of the renewal premium. It could go down if your credit has improved, or go up if it has gotten worse.

In addition to keeping on top of the renewal deadline, it will be important for waste haulers to budget for the renewal premium. Treat it like any other recurring business expense. One way to manage this expense is to steadily improve credit over time and, as a result, lower the bond cost.

Work with a Premier Surety Company

Viking Bond Service writes waste hauler bonds nationwide. We are experienced with these bonds and have markets that both welcome the bond requests and provide good rates for them. Our team is committed to providing information, assistance, and the highest levels of service throughout the bonding process. Rely on Viking Bond Service for every surety bond resource you need.

Request a Waste Hauler Bond Quote:

You can contact us by either calling 1-(888) 2-SURETY (1-888 278-7389) or by completing an Online Application. You can also ask questions and request information by filling out and submitting the contact form on the page and one of our agents will contact you shortly.

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