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  1. Bond Guy
    Bond Guy is offline Senior Member
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    Oct 2007
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    179

    Payments for bonds?

    I had an MC # with FMCSA and used to have a surety bond but had to cash it in. My MC# is now revoked and I need to get bonded again. Does your company take payments for bonds? Thanks for your help.
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  2. Mr. Bond
    Mr. Bond is offline Member
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    Oct 2007
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    Bond Payments

    Unfortunately all premiums are paid upfront prior to bond issuance. Installment payments are not an option.
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  3. Bond Magician
    Bond Magician is offline Senior Member
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    Payments for bonds?

    Quote Originally Posted by Mr. Bond
    Unfortunately all premiums are paid upfront prior to bond issuance. Installment payments are not an option.
    Why aren't installment payments an option?
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  4. Mr. Bond
    Mr. Bond is offline Member
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    Bond Payments

    That is simply policy. No Installment Payments!
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  5. Bond Magician
    Bond Magician is offline Senior Member
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    Payments for bonds

    Quote Originally Posted by Mr. Bond
    That is simply policy. No Installment Payments!
    Is that the Surety's policy? Or yours?
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  6. Mr. Bond
    Mr. Bond is offline Member
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    It is the surety's policy and we enforce it.
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  7. Surety Queen
    Surety Queen is offline Surety Professional
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    Oct 2007
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    558

    Payments for Bonds

    Quote Originally Posted by Mr. Bond
    It is the surety's policy and we enforce it.
    It's Surety's policy especially because the first year of premium is fully earned upon issuance of the bond. So, if the bond gets cancelled a couple of months into the term, we are on the hook for the full year.

    Everyone is right... no money... no bond
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  8. don jipping
    don jipping is offline BMC-85 Expert
    Join Date
    Feb 2005
    Posts
    74

    payments

    The BMC-85 Broker Trust Fund is available by making monthly deposits.

    But the trustee is going to want to know the reason you cancelled your bond, or why the surety did.

    A bad claims history will not bode well for you.

    Don
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