Colorado Towing Bond | AmeriPro Surety Bonds |
Towing Company Licensing – Colorado
The Colorado Public Utilities Commission regulates towing companies in the state. They are also the required surety bond’s obligee.
To become a tow truck company in Colorado, you must :
- Pay a nonrefundable fee of $150;
- Complete a tow truck license application;
- Provide evidence of furnishing the appropriate surety bond.
Colorado Towing Bond: Amount Required and Qualifying
The Colorado towing bond is a $50,000 surety bond required by statute. This surety bond may also be referred to as a vehicle tow services bond or even a Colorado motor carrier surety bond. All terms refer to the same bond.
Qualifying couldn’t be any easier. Our agency offers this bond without a credit score inquiry.
Here’s what you will do:
- After completion of an application, and payment of the surety bond premium ($500 for one year), the towing bond is issued to you immediately.
- Once issued, a copy of the surety bond can be emailed to you by our agency. The original surety bond with the wet signature will follow in the mail by the same or following business day.
Some entities may accept a copy of the bond; others may only accept the original. When in doubt, please keep in mind that filing the original bond will never pose an issue with any governing body.
Other Premium Payment Options and Terms
In addition to the one year standard term, you may choose to prepay the bond for 2 or 3 years. Prepayment of your surety bond allows a savings over year to year bond renewal. This is an option which you may choose; it is not obligatory.
- The Colorado towing bond prepaid for 2 years is $900;
- The surety bond prepaid for 3 years is $1300.
The Purpose of this Bond
The tow services surety bond, while required of your company, is for the benefit of the state of Colorado, namely, the Public Utilities Commission. The bond is a financial guarantee which ensures that you will pay any civil penalties, if assessed by the Commission, in a timely manner.
As principal for this surety bond, if a claim were paid against your bond, you must indemnify the surety for all costs and fees in the surety’s payment of the claim.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit, court, and fiduciary bonds throughout Colorado.
Our agency also provides surety bonds nationwide.
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