If your original bond required an underwriting review to determine pricing, your account will be re-underwritten to determine pricing for every renewal term.
When renewing a bond, your market agrees to continue supporting the obligation(s) outlined in the form's legal language. This is why underwriters need to re-evaluate your account leading up to a renewal term.
If your financial situation has improved since your last bond term, you might pay less for this year's renewal.
If your financial situation has worsened since your last bond term, you might pay more for this year's renewal.
If your financial situation is unchanged, you will likely pay the same for this year's renewal.
SuretyBonds.com represents the country's top surety markets. We're always looking for the lowest premiums in the industry for every single bond we sell. We start shopping renewals 3-4 months before the next term starts and send your invoice as soon as we've found the lowest premium available.
If you have a question about the renewal process or need help renewing a bond at this time, call 1 (800) 308-4358 or email customercare@suretybonds.com, and one of our friendly representatives will walk you through the next steps.