Cancelling Mid Term - Refund

[Mr. Bond]

If I have a three year term bond and I cancel it mid term - is there a refund?

[Bond Guy]

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.

[Mr. Bond]

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!