Taking on New Partner

[Bond Magician]

I am a sole proprietorship right now, and my credit isn't the greatest. I am taking on a partner soon. Will my premium be lower come renewal time, since my partner has great credit?

[Surety Queen]

Originally Posted by Bond Magician

I am a sole proprietorship right now, and my credit isn't the greatest. I am taking on a partner soon. Will my premium be lower come renewal time, since my partner has great credit?

As long as your credit isn't the greatest, you will probably have to remain on a high risk program bond. Best thing to do is to talk to your representative prior to renewal time to see if anything can be done to re-write your bond on a better program.