Aviso: Este articulo esta en ingles ¿Necesitas español? Llámenos al Las Vegas: (702) 850-7711 o Memphis: (901) 306-8100.
Do you need a surety bond (fianza de seguridad) but do not know where to start? We can help!
Contact us today. Our expert team can answer any of your questions in English or Spanish.
If you would like to learn more about surety bonds, then keep reading.
What Is A Surety Bond?
A surety bond is a three-way contract between an obligee, a principal, and a surety. The obligee is the party that requires the bond, the principal is the business or individual who needs it, and the surety company is the financial institution that guarantees performance on the bond.
There are many types of surety bonds, such as license and permit bonds, court bonds, contractor bonds, title bonds, and more.
With that said, we want to talk about two of the most popular bond types below.
Two Popular Types of Surety Bonds
Bail Surety Bonds or Jail Bonds
A bail bond is required when someone is arrested and needs to get out of jail but cannot afford to pay their bail amount. A bail bond, which a person can get from a bail bond company, costs way less—only 10-15% of whatever the bail amount is.
This 10-15% is known as the bail bond premium and is non-refundable.
In exchange for the premium, the bail bond company acts as the surety for the defendant, guaranteeing to the court that the defendant will meet all of the court’s requirements, including making their court dates.
Vehicle Title Bonds
A vehicle title bond offers assurance to the obligee (a person’s state of residence) that a vehicle is rightfully owned by the principal (the person who has the vehicle).
Title bonds are required when the vehicle’s owner does not have access to the original title. But once the owner gets a title bond, they can then register for what is known as a “bonded vehicle title” at the DMV.
In Tennessee and Nevada, the DMV requires that the bond be maintained for three years.
How To Get A Surety Bond?
Getting a surety bond is easy.
All you need to do is find out the bond amount required by the obligee and then go to a trusted surety bond provider registered in your state.
Once you have paid the surety bond provider, they will give you a bond certificate, and you will present the certificate to the obligee.
Get Help From A Licensed Surety Bond Provider
Are you ready to get a surety bond? Or maybe you need insurance instead. Either way, call us at 702-850-7711 (Las Vegas) or 901-306-8100 (Memphis).
We specialize in the following:
- Surety Bonds
- Title Bonds
- Auto Insurance
- Commercial Insurance
- Home Owners Insurance
- Motorcycle, RV, and Boat Insurance
- Rental Insurance
- SR-22 Insurance
