Removing One Owner

[Mother Bond]

My partner and I currently have a bond, but because of my poor credit our premium is pretty high. We were considering changing it so that he is the sole owner of the company. With his good credit and strong personal financials, could this possibly help to get us a better rate?

[Surety Queen]

Originally Posted by Mother Bond

My partner and I currently have a bond, but because of my poor credit our premium is pretty high. We were considering changing it so that he is the sole owner of the company. With his good credit and strong personal financials, could this possibly help to get us a better rate?

Absolutely! In order to obtain a quote for new ownership, Surety would want to see proof of the change in ownership (corporate resolution) before providing a new bond. Please be in touch with your bond representative to see what steps need to be taken to re-write your bond.

[Mother Bond]

Is this something that can be done mid-term or should I wait until renewal time?

[Surety Queen]

Originally Posted by Mother Bond

Is this something that can be done mid-term or should I wait until renewal time?

Honestly? It depends upon what company your bond is written through. Really suggest you talk to your representative to see what's best in your situation.