Minnesott Beach Overweight Permit Bond: A Comprehensive Guide
This guide provides information for insurance agents to help their customers obtain a Minnesott Beach Overweight Permit bond
At a Glance:
- Average Cost: Based on the bond’s limit (more on this later)
- Bond Amount:
- $10,000 for the transportation of modular homes
- Determined on a case by case basis for the transportation of houses or buildings
- Who Needs it: Persons seeking to transport any house, building, or modular home across any public street or sidewalk in Minnesott Beach, North Carolina
- Purpose: To ensure the town will receive compensation for financial harm if any streets or sidewalks are damaged during the transport
- Who Requires the Bond: The Town of Minnesott Beach
Background
Minnesott Beach Municipal Statutes 90.06 and 151.021 require all persons transporting a house, building, or modular home across any public street or sidewalk to obtain a special hauling permit with the town before doing so. The permit requirement was enacted so that the town can regulate all oversized loads being transported across their streets. To ensure the town has financial recourse if any public property is damaged, your customers must purchase and maintain a surety bond before moving any house, building, or modular home across the streets of Minnesott beach.
What is the Purpose of the Minnesott Beach Overweight Permit Bond?
Minnesott Beach requires persons to purchase a surety bond before being issued a special hauling permit. The bond ensures that the town will receive compensation for financial harm if the mover damages any public infrastructure during the transportation process. In short, the bond is a type of insurance that protects the town if the oversize load mover damages property.
How Can an Insurance Agent Obtain a Minnesott Beach Overweight Permit Surety Bond?
BondExchange makes obtaining a Minnesott Beach Overweight Permit bond easy. Simply log in to your account and use our keyword search to find the “permit” bond in our database. Don’t have a login? Gain access now and let us help you satisfy your customers’ needs. Our friendly underwriting staff is available by phone at (800) 438-1162, email, or chat from 7:30 AM to 7:00 PM EST to assist you.
At BondExchange, our 40 years of experience, leading technology, and access to markets ensures that we have the knowledge and resources to provide your clients with fast and friendly service whether obtaining quotes or issuing bonds.
Not an agent? Then let us pair you with one!
Click the above image to find a BX Agent near you
How is the Bond Amount Determined?
The town fee schedule dictates that the required bond amount for persons transporting modular homes is $10,000. However, Minnesott Beach Municipal Statute 90.06 dictates that the town manager must determine the bond amount on a case-by-case basis for the transportation of any house (non-modular) or building. When determining the required bond amount, the town manager will examine the type of load being transported as well as its potential to damage property during the transportation process.
Is a Credit Check Required for the Minnesott Beach Overweight Permit Bond?
Surety companies will run a credit check on the applicant to determine eligibility and pricing for Minnesott Beach Overweight Permit bonds with limits greater than $25,000. Applicants with excellent credit and work experience can expect to receive the best rates. Applicants with poor credit may be declined by some surety companies or pay higher rates. The credit check is a “soft hit”, meaning that the credit check will not affect the applicant’s credit.
Minnesott Beach Overweight Permit bonds with limits of $25,000 or less or considered less risky by surety companies and are issued at the same rate to all applicants regardless of their credit history.
How Much Does the Minnesott Beach Overweight Permit Bond Cost?
Minnesott Beach Overweight Permit bonds with limits of $25,000 or less cost just $100 or 1% of the bond amount per year, whichever is greater.
Bonds with limits exceeding $25,000 can cost anywhere between 0.75% to 7% of the bond amount per year. Insurance companies determine the rate based on several factors including your customer’s credit score and experience. BondExchange also offers monthly pay-as-you-go options for these bonds. The chart below offers a quick reference for the bond cost on a $25,000 bond requirement.
$25,000 Overweight Permit Bond Cost
| Credit Score | Bond Cost (1 year) | Bond Cost (1 month) |
|---|---|---|
| 700+ | $188 | $19 |
| 625 – 699 | $250 | $25 |
| 600 – 624 | $625 | $63 |
| 575 – 599 | $750 | $75 |
| 550 – 574 | $1,250 | $125 |
| 500 – 549 | $1,750 | $175 |
Who is Required to Purchase the Bond?
Minnesott Beach requires all persons seeking to transport a house, building, or modular home to purchase a surety bond as a prerequisite to obtaining a special hauling permit.
BondExchange now offers monthly pay-as-you-go subscriptions for surety bonds. Your customers are able to purchase their bonds on a monthly basis and cancel them anytime. Learn more here.
What is the Application Process for Minnesott Beach Special Hauling Permits?
Applicants must navigate several steps to obtain their special hauling permits. Below are the general guidelines, but applicants should refer to the town’s code of ordinances for details on the process.
Step 1 – Complete the Application
To obtain an application for a special hauling permit, your customers must contact the town via email at [email protected], by phone at (252) 249-1755, or in-person by visiting the town hall at the following address:
Town of Minnesott Beach
11758 Hwy 306 South
Minnesott Beach N.C. 28510
Step 2 – Purchase a Surety Bond
Applicants seeking to transport a modular home must purchase and maintain a $10,000 surety bond. Applicants transporting a house (non-modular) or building will be informed of their required bond amount after submitting their permit application.
What are the Insurance Requirements for Special Hauling Permits in Minnesott Beach?
Minnesott Beach does not require applicants to obtain any form of liability insurance as a prerequisite to obtaining a special hauling permit. Applicants must purchase and maintain a surety bond.
How Do Minnesott Beach Special Hauling Permit Applicants File Their Bonds?
Applicants should submit their completed bond forms, including the power of attorney, to the following address:
Town of Minnesott Beach
11758 Hwy 306 South
Minnesott Beach N.C. 28510
The surety bond requires signatures from both the surety company that issues the bond and from the applicant. The surety company should include the following information on the bond form:
- Legal name and mailing address of entity/individual(s) buying the bond
- Surety company’s name and mailing address
- Bond amount
- Date the bond goes into effect
- Date the bond is signed
What Can Minnesott Beach Special Hauling Permit Holders Do to Avoid Claims Against Their Bonds?
To avoid claims on their bonds, special hauling permit holders in Minnesott Beach must ensure that they do not damage any property during the transportation process. If the permit holder does damage any property then they should cover the cost of repairs.
What Other Insurance Products Can Agents Offer Special Hauling Permit Holders in Minnesott Beach?
Minnesott Beach does not require special hauling permit applicants to purchase liability insurance as a prerequisite to obtaining a permit. However, most reputable applicants will purchase this insurance anyway. Bonds are our only business at BondExchange, so we do not issue any other types of insurance, but our agents often utilize brokers for this specific line of business. A list of brokers in this space can be found here.
How Can Insurance Agents Prospect for Minnesott Beach Special Hauling Permit Customers?
Minnesott Beach unfortunately does not provide a public database of active special hauling permits. We suggest contacting the town directly to obtain this information. Contact BondExchange for additional marketing resources. Agents can also leverage our print-mail relationships for discounted mailing services.