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  1. Mother Bond
    Mother Bond is offline Senior Member
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    Oct 2007
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    171

    Never Filed Bond

    I obtained an Auto Dealer Bond a few months back. It turns out that I never started the dealership, nor filed the bond with the DMV. Will I be able to return the bond for a refund?
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  2. Surety Queen
    Surety Queen is offline Surety Professional
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    Motor Vehicle Dealer Bonds

    Quote Originally Posted by Mother Bond
    I obtained an Auto Dealer Bond a few months back. It turns out that I never started the dealership, nor filed the bond with the DMV. Will I be able to return the bond for a refund?
    Honestly? It depends upon which surety wrote the bond. As a rule, the first year's premium is fully earned - meaning there would be no refund. However, in some circumstances - if it can be proved that the bond was never filed with the State - Surety will consider a refund. Best to discuss the situation with your account representative.
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  3. h2o
    h2o is offline Senior Member
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    Never Filed Bond

    Quote Originally Posted by Surety Queen
    Honestly? It depends upon which surety wrote the bond. As a rule, the first year's premium is fully earned - meaning there would be no refund. However, in some circumstances - if it can be proved that the bond was never filed with the State - Surety will consider a refund. Best to discuss the situation with your account representative.
    Should the original bond be returned?
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  4. Surety Wizard
    Surety Wizard is offline Senior Member
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    You should definitely return the bond so it can be sent back to the Surety Company and destroyed. The Surety Company will either give you a refund or have to cancel the bond.
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  5. Surety Queen
    Surety Queen is offline Surety Professional
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    Motor Vehicle Dealer Bonds

    Quote Originally Posted by Surety Wizard
    You should definitely return the bond so it can be sent back to the Surety Company and destroyed. The Surety Company will either give you a refund or have to cancel the bond.
    Don't get your heart set on getting a refund. It really depends on the Surety, whether or not the bond was actually filed with the Obligee, and how far into the bond term it's being returned. Talk to your account representative to see what applies in your situation.
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  6. Bond Magician
    Bond Magician is offline Senior Member
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    Never Filed Bond

    Quote Originally Posted by Surety Queen
    Don't get your heart set on getting a refund. It really depends on the Surety, whether or not the bond was actually filed with the Obligee, and how far into the bond term it's being returned. Talk to your account representative to see what applies in your situation.
    Have there ever been any instances where premium was refunded?
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  7. Surety Queen
    Surety Queen is offline Surety Professional
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    Motor Vehicle Dealer Bonds

    Quote Originally Posted by Bond Magician
    Have there ever been any instances where premium was refunded?
    Yes
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