One criterion that both individuals and companies needing a surety bond think about is cost. A surety bond calculator helps determine that cost.
How Surety Bond Rates Are Determined
A surety bond calculator determines the rate of the bond by reviewing a variety of factors. State bonding requirements, the type of bond, credit, and court costs all play a role in setting a bond rate.
The value associated with what the bond is protecting is a key factor. It is essential that the surety bond cover the full value of whatever it is supposed to protect.
A replevin bond rate is determined by the value of the property wishing to be seized in a court action. The rate for a garnishment bond is set, in part, by the value of wages to be garnished by the plaintiff. Even the rate of an administrator bond is based on the worth of the estate the administrator is overseeing.
Generally, the surety bond calculator will find a rate between 0.5 percent and 2 percent of the overall bond value.
Different Types Of Bonds
There are four main types of surety bonds including plaintiff bonds, defendant bonds, license and permit bonds, and probate and fiduciary bonds.
License and permit bonds, along with probate and fiduciary bonds, are the type of surety bonds that must be obtained before any business or individual can serve a particular function.
Missouri Department of Revenue includes a surety bond calculator on its website to help businesses determine their surety costs.
The other types of bonds such as the plaintiff and defendant bonds only come up when certain actions need to be taken.
Receive A Low Surety Bond Rate Today
At Jurisco, surety bond experts work with clients to explain the different type of bonds and their rates.
Working quickly, experts find the best rates for surety bonds. They take the time to answer any questions about the surety bond calculator and discuss ways to lower rates.
Review the surety bond calculator rates now then start the surety bond application online. Jurisco is always cost effective.