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Thread: Iloc

  1. Mr. Bond
    Mr. Bond is offline Member
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    Oct 2007
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    Iloc

    I need to have my bond increased to double the current bond amount. The surety has approved, BUT they are requiring an ILOC at 50% of the bond amount. How does that work? Does this ILOC last for the duration of the bond term only? OR is it longer?
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  2. Surety Queen
    Surety Queen is offline Surety Professional
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    Title Agency Bond

    Quote Originally Posted by Mr. Bond
    I need to have my bond increased to double the current bond amount. The surety has approved, BUT they are requiring an ILOC at 50% of the bond amount. How does that work? Does this ILOC last for the duration of the bond term only? OR is it longer?
    Best to double check with your bond representative, but I would imagine that the ILOC would be in force as long as the bond is in force. There is also probably a tail that keeps the ILOC active for a certain period after the bond is no longer required.
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