Bond Renewal Information is too much!

[Surety Wizard]

I have a Mortgage broker Bond that is coming due in December. It is a 20,000 Bond and the Surety Company is asking for business financials for 2007 and Interim 2008, updated Personal Financial Statements, and want to repull credit. Is all of this really neccessary for a $20,000 bond that I have had for 10 years? I have never had a claim and have always paid the bond premium way before it was due for payment.

[lifeisgood]

The request for the fiscal year end financials and year to date interiim, along with pulling credit is simply the surety's way of determining if they should approve your bond renewal. It has nothing to do with having the bond for a long period of time or never having a claim. It is simply a a requirement for their review.

[Surety Wizard]

It seems like that is just a huge amount of information for such a small bond. Will this be done every year? Do you have any other Surety Companies that will not require that much information?