How much does a New York Thruway authority bond cost?
NY Thruway bonds ranging from $1,000 to $25,000 cost $20 per $1,000 of the bond amount with a minimum cost of $100.
$25,001 to $100,000 New York Thruway authority bonds are subject to underwriting consideration. Our team of surety experts will work hard to get you the best price possible for your unique credit situation.
The required bond amount must be equal to at least 3 months’ billings for all charges related to travel on the Thruway or as determined by the Authority.
To get a personalized quote, submit an online bond request form.
Why do I need this bond?
Posting a State Thruway Authority surety bond in New York is an important step in the process of pursuing a Credit Agreement with the state of New York. The State Thruway Authority requires this bond to ensure that all toll trips, monthly E-Z Pass Tag fees, special hauling permit fees and any other fees affiliated with traveling on the Thruway are paid in a professional and timely manner. Principals are responsible for paying all required fees no later than 30 days after the date of an invoice.
If the principal fails to submit all payments in the allotted time, the State Thruway Authority will not face any financial losses due to the posting of a surety bond. The Authority has the power to increase the required bond amount at any time if it feels it is necessary for the principal. The principal is then responsible for reimbursing the surety in a timely manner.
What’s the fine print?
New York state thruway authority bonds run continuously in full force and virtue during the full term of the bond. If the principal or the surety chooses to terminate the bond early, a 60-day written notice prior to cancellation is required to be submitted to the Office of Investments and Asset Management. The obligee is the New York State Thruway Authority.
