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Motor Vehicle Dealer Bonds - Refund of partially used premium?


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Refund of partially used premium? Refund of partially used premium?
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Old 12-18-2006, 06:18 PM
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Default 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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Old 12-19-2006, 10:02 AM
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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.
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