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Can A Surety Bond Be Refunded?

surety bond refund

There are situations where you might have secured a surety bond, only to find out you no longer need it or you would like your money back. Is this possible? Can you get a refund for a surety bond you’ve already purchased?

The short answer is: it depends.

Please note that this post is a generic overview about getting money back for all types of surety bonds. If you are looking for information on getting money back specifically for a Bail Bond or a Probate Bond, please read our respective articles:

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Surety Bond Underwriting – What It Is & How It Affects Your Bondability

surety bond undewriting

This post originally appeared on Quora. View the post.

When you apply for a surety bond, you might be approved instantly. But, some bonds require a underwriter to review your information. This is known as surety bond underwriting.

Find out what surety bond underwriting is, how it affects your bondability, and what it means for the cost of your surety bond.

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What Does Licensed And Bonded Mean?

what does licensed and bonded mean?

Have you ever seen a van drive by with the tagline “licensed and bonded?” Have you ever wondered what that meant?

Licensed is clear enough, but “bonded?” The truth is, most of the general public has no idea what it means for a business to be “bonded.”

One of the most popular businesses that might be licensed and bonded is contractors and construction professionals.

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4 Reasons You Might Need A Surety Bond

why do I need a surety bond

Most people never hear the term ‘surety bond’ until they are told they need one. Bonds, in a business context, are a guarantee for your customers that you will follow through with your obligations.

You can learn more about how surety bonds work.

A good rule of thumb is that if you are told you need a bond, you most likely do.

Here are the top four reasons you would need a surety bond.

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Can I Get A Surety Bond If I Have No Credit?

can I get a surety bond if I have no credit?

Having no credit means you do not have any credit history with one of the three nationwide credit reporting companies. Often, this means you haven’t taken any steps to establish your credit, such as opening a credit card account or taking out a bank loan.

Those with no credit are often called “credit invisible”.

While credit invisible individuals can take steps to establish credit, you might be on a tight timeline. Here’s what it means for surety bond if you have no credit.

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