Waste Tire Hauler Bond Overview
Several states require waste tire haulers to register with a state agency and post a surety bond as a form of security. This bond provides a guarantee to the state that you will strictly follow all applicable regulations, and will uphold all procedures associated with the proper handling of waste tire material.
If this is the first time you’re learning about surety bonds, you can think of them as a line of credit that a bonding company extends to your business. The bonding company, also known as the surety, guarantees to the state that you will follow the terms of the bond agreement– or face a claim. It’s best to avoid claims at all costs, as they can be expensive and time-consuming. To make sure you completely understand the responsibility that surety bonds carry, read our What is a Surety Bond? page.
Bryant Surety Bonds can underwrite waste tire hauler bonds in every state that requires them. You can continue reading for more information, including how to calculate your premium, and how to apply online using our application form.
Waste Tire Hauler Bond Cost
To calculate your premium, you first need to know what the total value of your surety bond is. Every state sets their own total value for the bond they require from waste tire haulers. This amount only refers to the maximum protection the bond provides, and not the sum that waste tire haulers need to pay.
For example, California waste tire hauler bonds are valued at $10,000. So if a hauler violates their bond agreement, they may be liable for a sum up to $10,000.
The cost of getting bonded is usually a few percent of the total bond value, especially if the applicant has good credit. Good credit applicants may pay anywhere between 0.75% and 2.5%.
Other factors, such as financial strength or industry experience, can also be considered by the surety, so it’s a good idea to submit supplemental information to improve your applicant profile, if your credit score is low. Go to our Surety Bond Cost guide for some more useful tips on reducing your premium.
Getting a Waste Tire Hauler Bond with Bad Credit
When sureties underwrite bad credit surety bonds, they assume a higher risk, because for each bond they sign, they are legally and financially responsible. This is the reason waste tire haulers with bad credit will have a harder time getting bonded.
Thanks to our Bad Credit Program, however, you can rest assured that you can still get bonded. Premiums are slightly higher and can reach up to 10%, but rarely more. And if you regularly take steps to improve your credit score or financials, you will pay decreasing amounts each year.
Apply for a Waste Tire Hauler Bond Today!
Our surety bond application is simple and straightforward. Once you complete our 1-page online application we’ll get in touch with you and help you complete the whole process.
A typical bond application requires that you sign an indemnity agreement with the bond underwriter and provide access to the information they request. Each underwriter uses a different set of evaluation criteria, so they may request different information.
Waste Tire Hauler Bond Requirements
Bond claims are never a pleasant scenario for your business, so it is important to stay away from claims. The best way to do so is to get acquainted with the bond language very well, and stay up-to-date with the requirements in your state. Every state has very specific requirements as to what is allowed and what is not when tire waste is being transported. Be sure to check with your state authorities about the laws in your state. Read below for some examples, and remember that your state may require a waste tire hauler bond even if it isn’t on this list:
If you transport 10 or more waste tires, you have to obtain a CalRecycle registration certificate. You need to know which activities are forbidden under the bond agreement, such as transporting in an authorized vehicle or to an unauthorized facility.
You must also complete comprehensive trip logs for all trips, including out-of-state or out-of-country hauls. The total bond value is $10,000.
Carrying more than 40 tires in the state of Iowa will require a license, which is much more generous than California’s requirements. You need to transport tires to an authorized facility within 72 hours of receiving them, and you may not make temporary storage or transfer unless explicitly allowed to do so by a permit.
The total value of the bond in Iowa is also $10,000.
Transporting more than 15 tires means you will have to get licensed in South Carolina. In addition to posting a $10,000 surety bond, haulers need to submit an Annual Report outlining their activities.
There are some specific stipulations in South Carolina. In addition to environmental clean-up, haulers are also responsible for taking actions against the potential spread of mosquitoes, for example.
Total bond values here can be either $10,000 or $20,000, depending on the number of waste tires transported. Transporting 5,000 tires or less (per month) requires a $10,000 surety bond while transporting more than 5,000 tires per month will require a $20,000 surety bond.
Be sure to get well acquainted with the provisions required by the Environmental Protection Division, described in detail on their website.