Surety bond premium is the amount of money that is paid by the customer, or on the customer’s behalf, to a surety company for the surety company to provide a surety bond guarantee. There are thousands of surety bonds that you can apply for online at Ezsuretybonds.com/.
How is my Surety Bond Premium Calculated?
Certain types of bonds are more expensive than others. Generally, customers do not need to pay the entire surety bond amount requested. The customer will pay a rate ranging from lower than 1% up to 15% or more of the total bond amount. For example, if a Used Motor Vehicle Dealer needs a $25,000 surety bond and receives a quote at 1%, the Dealer will pay $250 in premium for the $25,000 surety bond. A multitude of criteria is used to calculate the surety bond rate. This may include, the type of bond and amount of bond requested, credit score, financial history, character, etc.
Surety bonds may seem to be a hassle, confusing, and expensive, but they do not have to be. The best way to find out how much your surety bond will cost is by getting a FREE QUOTE from Ezsuretybonds.com/, or by calling 833-471-3627
Are Surety Bonds Refundable?
Surety companies require premium payment upfront before a surety bond can be issued. Nonetheless, there are many scenarios where a customer may feel that they are in need of a refund such as:
- You purchased a bond and afterwards decided not to apply for a specific business license that required that bond
- You purchased a bond and were denied the business specific license that required the bond
- You purchased a bond and closed your business shortly after
- You purchased the incorrect bond type
- You purchased a bond and afterwards found out that a bond was not required.
Most of the time, once a Surety Bond is purchased, the premium is considered fully earned. Refunds are not typical occurrences, and the decision to refund any premium will be determined on a case by case basis by the surety company. If the bond is deemed refundable by the surety company, the bond premium may be returned in full or prorated depending on the cancellation date. If you are looking for a refund on your surety bond, contact the surety company who issued your bond.
If you are seeking additional information about bonds from a surety bond expert, or would like to get a FREE QUOTE NOW, log onto https://Ezsuretybonds.com or call 833-471-3627. Most bonds are approved within minutes.