How does a bail bond work?
When do I get my money back?
November 18, 2021What is the difference between bond amount and bond premium?
November 18, 2021How does a bail bond work?
The court system will set the amount of bail required for the defendant’s release. Under state law, a surety company can provide a type of insurance policy or “bond” that guarantees payment of the full bail amount to the court if the defendant does not show up for all scheduled appearances. These bonds are offered by licensed bail bond agencies. For supplying these bonds, bail agencies charge a premium – a percentage of the total bond amount, typically 10%. By way of example, for a bond amount set at $50,000, the premium would be about $5,000 plus any additional fees required by the state. The bail agency must charge the premium rate it has filed with the Department of Insurance and the premium is not refundable once the defendant is released