Who Needs An Appeal Surety Bond?
Appeal Surety Bonds are required when a defendant wishes to appeal, or attempt to overturn, a judgment or order which has been declared in a legal matter.
What Is An Appeal Surety Bond?
These court surety bonds ensure that, in the instance of an appeal being unsuccessful, the defendant will still be able to financially fulfill their debts and obligations, as deemed by the court, to the plaintiff. This can include the amount of the initial ruling, accrued interest, expenses and legal fees. The issuing of an Appeal Surety Bond also prevents the plaintiff from immediately seizing the defendant’s property or assets until the appeal process has concluded.
How Much Does An Appeal Surety Bond Cost?
Unlike most bonds, Appeal Surety Bonds require collateral as an additional guarantee due to the low likelihood of winning the case. Typical collateral will be between 100% and 150% of the bond amount, with premium around 2%. Because of the collateral requirement, credit does not significantly affect the premium. Collateral will be in the form of a cashiers check from an approved bank, or Irrevocable Letter of Credit (ILOC). Please contact our knowledgeable staff with any specific questions pertaining to collateral or premium requirements.
How Do I Get An Appeal Surety Bond?
The first step is to complete our quick online application for your free, no obligation bond quote. Submission takes only five minutes, and our underwriting staff will be in contact with you within a couple of hours with pricing. If you prefer to speak with our knowledgeable staff, please call 1-866-722-7837 and one of our Underwriters will assist you in applying for your bond.
After you receive approval, you must sign an indemnity agreement with the surety and provide payment for your bond premium. In most cases, we can issue bonds the same day we receive your signed documents and payment.