If you do not renew a cancellable bond during its renewal period, your market will cancel your bond before the new term is set to begin.
Once a surety bond has been canceled due to nonrenewal, there are a few ways to move forward with the next term depending on the timeline. We might be able to reinstate the original bond, or you might need to purchase a brand new bond to file.
Surety bonds should always be renewed at least 30 days before the new term starts to avoid potential licensing problems such as a lapse in coverage or late fees. Renewing your bond with SuretyBonds.com early ensures you and your obligee bond holder have plenty of time to be sure everything is in order. Additionally, your renewal premium is locked in until your bond is canceled, which means your premium can change if you do not renew on time.
If your bond requires a release: Your bond must be renewed and the premium paid indefinitely until the bond holder (also known as the "obligee") provides your official release documentation. Failure to do so may result in the surety company taking additional action to collect the owed premium.
If you missed your renewal period and need to be sure you maintain an active bond with your obligee for the next term, call us at 1 (800) 308-4358 or email email@example.com to explain your current situation and bonding needs.