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Old 07-06-2007, 11:43 AM
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Join Date: Oct 2006
Posts: 86
Default First Year's Premium
Why is the first year's premium not refundable?
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Old 07-16-2007, 01:03 PM
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Join Date: Jan 2005
Posts: 719
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Surety underwriting is costly and time consuming to the carriers. Most of the bonding companies profits are made from renewal business, as the file is already set up. Making first year premiums fully earned ensures that the carriers do not lose money on setting up a new policy.
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Old 07-24-2007, 02:14 PM
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Join Date: Oct 2006
Posts: 69
Default First Year's Premium
Are there any exceptions... for example, if the Surety company decided to cancel the bond mid-term?
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