What Is A Court Bond?
Court Bonds are a blanket term for all surety bonds that are required for proceedings in a court of law. These bonds are used to ensure the fulfillment of a court-appointed task or reduce the risk of financial loss.
What Are The Types Of Court Surety Bonds?
Court Surety Bonds have a multitude of purposes, but can be divided into two main categories:
Judiciary Surety Bonds
Judiciary Bonds are used in civil court cases and typically protect against financial loss as a result of a court ruling. A plaintiff or defendant may be required to provide a surety bond to protect the other party from loss because of a judge’s decision prior to final judgement. The underwriting process for this type of bond can be rigorous due to the underwriter’s inability to easily predict the outcome of court rulings, making this type of bond difficult to qualify for.
The most common judiciary bonds are Appeal Bonds, Bail Bonds and Cost Surety Bonds.
Fiduciary Surety Bonds
Also known as a Probate Bond, are required for individuals appointed by the court to care for others or manage other’s assets. These bonds guarantee that the individual appointed by the court will fulfill their duties, per the court’s expectations, and ethically handle assets assigned to them.
This bond will typically cover the amount of assets the person is handling to ensure proper protection. The most common fiduciary bonds are custodian bonds, executor bonds and guardianship bonds.
How Do I Know If I Need A Court Bond?
Individuals should inquire with the court that is overseeing their proceedings. Depending on what the court requires, a bond may or may not be needed. If a bond is required, you will have to file said bond with the court before you can proceed.
What Is The Bond Amount For A Court Bond?
Amounts for Court Surety Bonds are established by the courts and will differ based on the type of proceeding and the requirements set.
It is recommended that you contact the court with specific bonding questions before you apply for a bond.
How Much Do Court Bonds Cost?
Pricing for Court Bonds will vary, and your premium will be based on the following factors:
- Type of bond
- Amount of the bond
- Term length of the bond
- Personal credit for all principals
Individuals with good credit can expect to pay 1%-5% of the bond amount. Qualified applicants could pay as little as $500 annually for a $50,000 Court Surety Bond. To find out how much your bond is going to cost, please complete our online application for your free, no obligation price quote.
Can I Get A Court Surety With Bad Credit?
Pacific Surety offers a wide range of approvals, regardless of credit, for Court Surety Bonds. With our strong surety relationships, we have the ability to approve 99% of applicants, regardless of how bad their credit is. Our knowledgeable underwriting staff will work with you to ensure you receive the lowest possible pricing for your bond.
Applicants with substandard credit can expect to pay 5%-10% of the bond amount in premium. To see what rate you will qualify for, please complete our online application for your free, no obligation price quote.
Where Are Court Surety Bonds Purchased?
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 1-866-722-7873 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.