Payments for bonds?

[Bond Guy]

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.

[Mr. Bond]

Unfortunately all premiums are paid upfront prior to bond issuance. Installment payments are not an option.

[Bond Magician]

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?

[Mr. Bond]

That is simply policy. No Installment Payments!

[Bond Magician]

Originally Posted by Mr. Bond

That is simply policy. No Installment Payments!

Is that the Surety's policy? Or yours?

[Mr. Bond]

It is the surety's policy and we enforce it.

[Surety Queen]

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

[don jipping]

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