
If I have a three year term bond and I cancel it mid term - is there a refund?
Most Surety Companies will offer a refund for the second and third year. Typically, the first year is fully earned which means you will not receive a refund for the first year or a partial of the first year. The refund of premium is up to the Individual Surety and you should contact your agent to see what may be available.
Thank you Bond Guy for your response, albeit a little delayed. I was able to find out from one particular surety that their policy for a multi year term is that should I cancel mid term during the 1st or 2nd year - only the full remaining year(s) would be prorated for refund.
Thank you for the reply though!
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