Underwriting Of Columbus Bailbonds
Underwriting Columbus Bailbonds risk is the primary responsibility of a bail bonding agent. Underwriting involves the agent's assessment of the severity of the charges against the defendant and the agent's understanding of the accused's ties to the community. In a nutshell, the bail bonding agent must be cognizant of the risk of flight and must take reasonable steps to assure that the defendant makes all required appearances. Bail bonding agents understand that they are financially at risk from the moment they bond. They have a strong incentive to manage this risk by: (a) monitoring the whereabouts of the defendant; (b) reminding the defendant of scheduled court appearances; (c) making sure the defendant knows exactly where to appear and (d) remaining alert for any information that would reduce the likelihood that the defendant will appear. Although this vigilance may be driven by a profit motive, the justice system is the ultimate beneficiary when the accused appears at all required hearings. A primary underwriting tool of a bail agent is collateralization of the risk. The bail bonding agent's agreement with the accused may involve the taking of cash collateral, property or other security that will facilitate the agent's payment of forfeiture. A bail bonding agent may also obtain collateral security from third-party indemnitors, who are likely to be friends or family of the accused. When Columbus Bailbonds agent takes collateral, the agent is acting in a fiduciary capacity. The specific manner in which the collateral is held may be governed by a specific state statute as well as provisions in the agent's contract with the insurance company. Once the terms and conditions of the bond have been met, the agent must return the collateral to the defendant or third-party indemnitors. Procedural requirements and the exact time frames within which collateral security must be returned, and real property reconveyed, are entirely dependent upon the statutes, rules and regulations of the individual jurisdiction. Executing agent agreements typically give agents wide latitude in underwriting and posting bail bonds. Agents are supplied with powers in a variety of denominations so that appearance bonds can be efficiently posted up to a predetermined level of authority. Appearance bonds in excess of the predetermined authority can be written with the express approval of the general agent or bail insurance company. It is important that o0ne find the best bail Bonds Company or agent in the city.One of the main roles of the bail bond agent is underwriting of the bail bonds.
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Published on Feb 27, 2013
Underwriting Columbus Bailbonds risk is the primary responsibility of a bail bonding agent. Underwriting involves the agent's assessment of...