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  1. Hamster
    Hamster is offline Junior Member
    Join Date
    Dec 2006
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    1

    Refund of partially used premium?

    In general, if an Auto Dealer pays a one year premium and is in business for less than a year, is part of that premium returned to the dealer?
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  2. Admin
    Admin is offline Administrator
    Join Date
    Jan 2005
    Posts
    755

    No, it is a standard of the industry to have first year premiums fully earned. However, renewals cancelled mid-year would be pro-rated.

    Let me know if you have any further questions.
    Surety Bond Articles
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