Indiana

[grasshopper]

I have recently moved from Ohio to Indiana and brought my mortgage broker buisness with me. In Ohio I had a bond that lasted for one year and I renewed it at the end of each term. I was unaware that Indiana requires a bond that lasts for two years, which doubles the cost. Is it possible to get the two year bond but pay half the first year and the rest the second year?

[Surety Wizard]

Unfortunately, In Indiana the bond term runs concurrent with the license of the broker. The license is a two year license thus requiring the bond to be a two year bond. I am not aware of any companies that will write this as a one year bond even though it is a continuous bond form. This will double the premium due for the bond term but I suggest asking your agent if there might be a discount for a two year bond?