Surety Bail Bonds
Understanding Surety Bail Bonds: What You Need to Know. Choose the Right Surety Bail Bonds Agent for Your Case.
Surety Bail Bonds: Get the Facts
A surety bail bonds is a type of bail bond that involves a contract between the defendant, a bail bondsman, and an insurance company. However, there can be another party to a suretyship called an Indemnitor.
Defendant: A defendant is a person who has been accused of committing a crime and is facing criminal charges in a court of law.
Bail Bondsman: A bail bondsman is a person or company that provides surety bail bonds to defendants in exchange for a non-refundable fee. The Bail Bondsman guarantees the court that the defendant will appear for all court hearings at the scheduled time.
Insurance Company (Surety): An insurance company (surety) is a company that underwrites surety bail bonds. It provides financial backing to the bail bondsman and guarantees payment of the total bond amount to the court in case the defendant fails to appear.
Indemnitor: An Indemnitor is a person who agrees to be responsible for the full amount of a surety bail bond if the defendant fails to appear. To secure the bond, the Indemnitor may be required to provide collateral.
According to the Florida Department Of Financial Services, Surety Bail Bonds accounted for approximately 80% of Bail Bonds issued in Florida in 2020.
What Is Surety Bail Bonds?
Surety bonds or Surety Bail Bond is a type of bail bond used to secure the release of a defendant from jail while awaiting trial. When arrested, authorities may allow them to post bail, which serves as collateral to ensure their appearance in court. However, not everyone has the financial means to post bail, which is where a surety bail bond comes in.
A surety bail bond is a contract between the defendant, a bail bond agent, and the court. The defendant pays the bail bond agent a non-refundable fee, typically 10% of the total bail amount, and the agent posts a bond with the court for the bail amount. This means the bail bond agent is responsible for paying the full bail amount if the defendant fails to appear in court.
Surety bail bonds are commonly used in criminal cases and can be helpful for those who cannot afford to post bail themselves. However, using a bail bond agent involves risks that should be noted. It includes the possibility of losing the fee paid to the agent if the defendant fails to appear in court.
An example of Surety Bail Bonds:
Surety bail bonds involve a third-party guarantor, known as a surety, who agrees to pay the total amount of the bail if the defendant fails to appear in court. For example, if authorities set a bail of $15,000 for a defendant charged with Trafficking Methamphetamine. Then they can use a surety bail bond to secure their release by paying a percentage to a bail bond company.
The bail bond company will then confirm a surety. Like a family member or friend, who will agree to pay the entire $15,000 if a defendant fails to show up to court. This ensures that the court receives the whole bail amount and incentivizes the defendant to appear as scheduled.
How do I know that I have a surety bond?
A surety bond is a “contract” between three parties:
- The principal (The party who must obtain the bond. i.e. Defendant).
- The obligee (the party who must protected by the bond i.e. bail bondsman).
- The surety (the party who provides the bond i.e. Insurance Company).
If you are the principal and have obtained a surety bond, there are a few ways to confirm that you have one.
1. First, check the paperwork you received when you obtained the bond. This should include a copy of the bond agreement, which will outline the terms and conditions of the bond.
If you need help finding the paperwork, contact the surety company directly. Ask them to confirm if you have a bond and provide you with a copy of the bond agreement.
2. Another way to confirm if you have a surety bond is to check with the obligee. If you obtained the bond to fulfill a particular project or contract requirement, the obligee should have a copy of the adhesive on file.
3. At last, you can check with the state licensing board or other regulatory agency governing your industry. In many cases, they may require that you have a surety bond on file with them as a condition of doing business in the state. If this is the case, the regulatory agency should confirm if you have a bond and provide you with a copy of the bond agreement.
How to Obtain a Surety Bail Bond?
If you or your loved one needs a surety bail bond, you can follow the below steps to obtain one:
- Contact a licensed bail bond agent or company with a good reputation. You can trust Daytona Bail Bonds – Daytona Beach. We are a fully licensed and insured bail bonds company in Florida. Our Bail Agents follow all the strict regulations and guidelines set by the state.
- When contacting the bail bonds company, the bondsman requires you to provide detailed information. The bondsman will ask you to provide the defendant’s full name, date of birth and jail location.
- The bondsman will assess the risk of offering the bond and may require collateral (in most cases no collateral), such as property or a cash deposit.
- If the bondsman agrees to offer the bond, they will require you to sign a contract and pay a non-refundable fee, typically 10% of the total bail amount. You need to pay this fee to the bail bondsman or surety company.
- Once you completed the paperwork and paid the fee, the bail bond company will post the bail bond with the court. This will allow the defendant to be released from jail.
- The defendant needs to comply with the conditions of release. The Indemnitor or co-signer of the bail bond ensures that the defendant complies with all conditions of their release.
- If the defendant appears in court as scheduled, the court will release the surety bond at the end of the case. The defendant will receive their collateral once it is returned.
We understand the stress of an arrest – Let us help with Surety Bail Bonds.
No More Waiting in Jail – 24/7 Bail Bond Assistance
How we can help you in Surety Bail Bonds:
Our bail bond company can help you in obtaining a surety bail bond by providing fast and reliable surety bail bonds service in Volusia County, FL including Daytona Beach, New Smyrna Beach, Port Orange, Holly Hill, Edgewater, South Daytona Beach, and others. We understand the stress and urgency of a loved one being arrested. We are available 24×7 to assist you, Our experienced and licensed bail bondsmen can guide you through the bail bond process, answer your questions, and provide you with the necessary paperwork.
Why Daytona Bail Bond is the Perfect Agency For Surety Bail Bonds?
When it comes to surety bail bonds service in Volusia County, you can count on Daytona Bail Bonds – Daytona Beach. With years of experience, 24/7 availability, professionalism, and affordability, our licensed bail bond team is dedicated to providing coverage to all residents of Volusia County. Here are some reasons why Daytona Bail Bonds is proud to be the premier Bail Bond Agency.
Free Warrant Search
Fast Response Time
Bail Bonds For Numerous Cases
Licensed Bail Bond Agents
Friendly and Professional Bail bonds Agents
How much does a Surety Bail Bond Cost?
A surety bail bond costs a percentage of the bail amount set by the court, usually around 10% in Florida. For example, if the bail amount is $10,000, the fee for the surety bail bond would be $1,000. This fee is non-refundable and is paid to the bail bondsman who provides the bond. Additional Collateral may be required in some cases, such as if the defendant is considered a flight risk.