Renewal

[h2o]

My bond is coming up for renewal, but the State is only requiring our company to have this bond for another 4 months. After that the bond is longer needed because they only require the bond for the first few years of being licensed until we're an established business.

Will I have to pay for an entire year's premium or can I just renew for the 4 months I need?

[lifeisgood]

You should be able to extend your bond (prior to renewal) for an additional 4 months. The surety will prorate the extended term and issue a rider reflecting this for the obligee.