Bond Renewal

[Bond Magician]

What do you look for when you are renewing my bond? Will you pull my credit at each renewal? Does the premium pretty much stay the same each year? Or will it change drastically?

[Surety Queen]

Originally Posted by Bond Magician

What do you look for when you are renewing my bond? Will you pull my credit at each renewal? Does the premium pretty much stay the same each year? Or will it change drastically?

It really depends upon what type of bond you have and what the amount is. If your bond is $25,000 or more, then Surety will probably want financial updates. If nothing changes, your premium would probably remain the same. It's possible, if your credit has dropped, that Surety could non-renew your bond. If you have a high risk bond, and your credit has improved, it's possible your bond could be replaced on a more standard program.

If your credit has changed significantly, it's a good idea to touch base with yoru bond representative to see if changes can be made.