Several surety bonds have renewal dates approaching in March and April. Though many bonds are issued to be in effect for at least one full year before they must be renewed, there are some that have unique cancellation dates established by the obligee. Being aware of when your bond must be renewed is incredibly important—surety bond renewals that are not completed on time put themselves at risk for lapse in coverage, incurring fines, license revocation or operating unlawfully.
If you are renewing your bond for the first time this year, you may notice a slight change in premium due despite no discernible change to your credit. This is because bonds with specific cancellation dates are typically prorated for the first term. Many first-term bonds are issued in the middle of the license period so the premium is calculated based on the licensing term and how long you actually need the bond. Below is a list of bonds set to cancel in the coming weeks if they are not renewed:
Bonds to Renew by March 31, 2016
Georgia Used Auto Dealer Bond*: ensures the principal will pay all for any damages and expenses sustained by the purchaser of any used motor vehicle or part, his vendees or successors in title
New Jersey Used Motor Vehicle Dealer Bond: ensures the principal complies with all laws concerning the sale of used vehicles and adheres to all rules and regulations promulgated in N.J.S.A. 56:8-1 et seq.
New Mexico Motor Vehicle Dealer Bond: ensures that principals (dealers/dismantlers) comply with all of the provisions stated in Section 66-4-7, NMSA 1978 Comp, including all amendments
Ohio Professional Solicitor Bond: professional solicitor surety bonds guarantee that principals (professional solicitors or fund-raising counsels) conduct business in accordance with the provisions of Chapter 1716 of the Ohio Revised Code
*Georgia Used Auto Dealer Bonds are written for 2 years and must be renewed on or before March 31st of even years.
Bonds to Renew by April 1, 2016
Houston Sidewalk, Driveway, Curb and Gutter Builders Bond: ensures that principals (contractors) complete construction work in accordance with Houston law, including adherence to all building codes and paying all taxes as they are due
Bonds to Renew by April 30, 2016
Florida Used Motor Vehicle Dealer: ensures compliance with the conditions of any written contract made by the principal in connection with the sale or exchange of a motor vehicle and holds dealers to the standards set in Chapter 319 and 320 of the Florida Statutes.