How Can Surety Bond Help?
A surety bond is an agreement done between two or more people and a bond agent stating the agreement to post the necessary bail in order to release the accused from jail. This very short definition is, of course, not sufficient. For a more informative answer to the question What is a Surety Bond, you should read this article.
Who Can Post a Surety Bond?
Such agreement is backed by an insurance company contract signed by the people involved and the bond agent who represents the insurance company. It is also supported by a sum of money or collateral to cover the full amount of bail required by the court in the event that the accused is not able to present him/her to a court date. Only someone licensed by the State Department of Insurance is eligible o post a surety bond. Those who hold this license are called Bail Bondsmen.
Who is a Bail Bondsman?
What does a bail bondsman do? A bail bondsman or a bail bond agent is an authorized person, having a license from the State Department of Insurance, who is able to sell surety bonds as well as to conduct business. He/she usually works for an insurance company that sells surety bonds.
Why is a Bondsman Necessary?
If no sufficient cash is available to cover the full sum of bail and the sheriff’s fee, a bondsman is necessary to bond yourself or someone out of jail. Sometimes cash bonds are kept by the court, that is why surety bonds are more practical, and a bondsman is necessary to avail a surety bond. This is especially good if you don’t want your money to be used as payment for fines and damage costs.
How Much Does Surety Bond Cost?
How much will I be charged for a surety bond? A surety bond will cost a premium as well as a Sheriff’s fee of $10.00. The Sheriff’s fee is non-refundable. The premium set by the Insurance Company is usually 10% of the total amount of the bail plus $25 to $35. The amount may vary from one company to another, and these amounts are pressed by the State Department of Insurance. For instance, a bail bond is set as $5000.00 for a certain crime, 10% of $5000.00 is $500.00 plus $35.00 and the Sheriff’s fee of $10.00, the sum of the surety bond will then be a total of $545.00.
Posting a Surety Bond
What should I do to post a surety bond? Look for a reputable bondsman, there are some listed in the yellow pages of your phonebook. The accused and a cosigner will be required to sign a contract, together with the bondsman.
Cosigner in a Surety Bond
What is the cosigner’s role in a surety bond? In case the accused fails to appear on a court date, it is your job to help the bond agent look for the defendant and to pay the expenses in doing so, as well as to pay the full amount of bail in the event that the accused is nowhere to be found.
Refund in a Surety Bond?
Is it possible to get a refund in a surety bond The premium paid as well as the sheriff’s fees are not refundable? It always depends on your agreement with the bond agent. Every contract is different from one another.
Before engaging in any contract, read its contents thoroughly. If something is bothering you, do not hesitate to clarify before putting your name on the paper. Also, get copies of the documents you have signed. Keep your mind open no matter how the situation may be. Having a reputable Insurance company and a great bondsman will perhaps help in making you feel comfortable.
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