Are you asking, “What is a surety bond?” Lightning Bail has the answer and will help you post bail.
Bail can be expensive, and not everyone can afford to pay it.
So, what’s the solution?
Get a surety bail bond with us today and get out of jail without paying the entire bail amount.
If you need a more in-depth look at Clark County Detention Center, check out this helpful article on the subject.
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We urge you to call us today to get a speedy bail bond with a flexible payment plan. Contact us at (702) 333-2663 to learn more.
What Is A Surety Bond – Jail Info Continued
If you are arrested on suspicion of a crime, you don’t necessarily have to remain locked up pending your trial.
A judge may allow you to leave jail as long as you deposit a sum of money called bail with the court.
If you can’t pay your bail amount, you may obtain a surety bail bond with a bail bond company.
Needless to say, when you hear someone who got out of jail “on bond,” they are talking about a surety bail bond.
What Is A Surety Bail Bond?
A surety bail bond is a sort of loan that you acquire from a bail bond agency to get out of jail quickly.
Before a bail bond agency will post bail for you, you must pay a “non-refundable premium,” which in Nevada is set at 15% of the total bail amount.
Once you’ve paid a bail bond agency, they will post bond for you as well as guarantee that you will appear at your planned court hearings.
What Is A Surety Company?
Simplify stated: a surety bond company provides surety bonds for other people.
Usually, insurance companies have a surety division specializing in the issuance of surety bonds.
The Nevada Department of Insurance governs the bail bond industry in the state and allows respectable surety bond agencies to follow specific steps to get licensed.
Upon getting licensed, surety bond agencies can quickly advance bail money to defendants to get them out of jail.
Bail bond agents work with surety bond companies to get the money they need to post bail for defendants.
What Is The Difference Between A Cash Bond And A Surety Bond?
If you choose a cash bond or a surety bond, either will secure your release.
But it is essential to keep some distinctions in mind:
- With a surety bond, you will NOT get your premium back.
- With a surety bond, you benefit from a bail bond agency that guides you through the entire bail bond process.
- With a cash bond, you risk forfeiting the whole bail amount if you don’t show up for court.
Are Surety Bonds A Good Idea?
Yes, we think so.
Surety bonds save you time and money and give you direct access to expert guidance from your preferred bail bond agent.
However, surety bail bonds are not as simple as cash bonds because surety bail bonds involve three parties.
These parties are:
- The Principal is the party required to obtain the bond, which importantly, ensures a given performance to the Obligee.
- The Obligee is the party requiring the bond. If the Principal fails to fulfill their obligations, then the Surety or the Principal will compensate the Obligee for any damages sustained.
- The Surety is the party that ensures the bond. When a valid claim is made, the Surety requires the Principal to pay the claim amount or will pay it directly. If the Surety pays the claim directly, then they will seek reimbursement from the Principal.
Is A Surety Bond Refundable?
When a bail bond company posts a surety bail bond, they risk losing their money.
Hence, if you obtain a surety bail bond for a loved one in Nevada, you must pay a 15 percent, non-refundable bail bond premium.
On the other hand, if you pay cash bail, you will get back all of your money if you abide by the court’s requirements. The problem with cash bail is that you run the risk of losing your money if you don’t abide by all of the conditions of your release.
Now that we’ve answered the question, “What is a surety bond?” if you need more information, call us today.
We at Lightning Bail have helped many people in Las Vegas, Henderson, Boulder City, North Las Vegas, Mesquite, Searchlight, Laughlin, and Pahrump for years, and we are ready to help you too.