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Surety Bond Lingo Explained

Surety Bond Lingo Explained

What happens when a surety bond is………
A bond is renewed: When a surety bond is approaching renewal the surety company could do one of the following:

Check your personal credit and renew with an increase or decrease in premium (depending on credit worthiness)
Ask for additional information including (financial statements or license information)
Decide not to renew your bond