Bail bonds are an essential part of the legal process because they help provide people with bail money. However, when the person being bailed out skips town, they put their loved one in serious financial danger. Thankfully, it is possible to avoid this problem through bond insurance.
It Can Cost A Person A Lot
When someone gets a bond to bail out a loved one, they are putting themselves at a potentially serious financial risk. For example, a skipped court appearance causes the bond to go into default immediately. As a result, the person may be required to pay back the money within a very short time frame. When this happens, they may also lose any collateral they put up against the bail bond.
Thankfully, most states and courts will allow a grace period to find the person and bring them to court. Generally, this is typically about 90 days or so, though the exact number of days will vary. In situations like this, a bounty hunter is typically required.
A Bounty Hunter May Help
When a person skips out on bail, bounty hunters are typically called by the bond company. Anyone who has watched shows like "Dog the Bounty Hunter" know a little bit about how this process works. A bounty hunter is paid a fee by the bail bond agent to track down and bring in the person skipping bail. These bounty hunters have a certain legal authority but only when finding and bringing in a bail jumper.
Typically, a bounty hunter will work as fast as they can to track down the person and bring them to court. They understand that the person who paid the bond will forfeit a lot if the person isn't brought in quickly enough. However, it is also a good idea to invest in bail and bond insurance to avoid financial loss if the bounty hunter is too slow or unsuccessful.
How Bail Insurance Can Help
Bail bond insurance is a type of bond that can be taken out by bail agents to ensure that they can pay any forfeited bonds. The idea behind this payment is that it showcases that a person can pay a smaller bail amount later. Good bail agents get this insurance before giving out a bond to help protect themselves and their clients from losing money if they cannot track down the person who skipped out on bail.
Typically, the person who has this insurance will receive most, if not all, of their bail back if the person skips out on their bail. As a result, they won't be in danger of losing the collateral they put down on the bond, such as a home or a car. Even if the person being bailed out seems reliable and trustworthy, it is still a good idea to get this kind of insurance.
So anyone who is considering bailing out a friend when they are suffering from legal problems should talk to their bail agent about insurance. This type of legal protection can avoid serious financial loss or other problems that may occur if their friends or family members skip out and leave them to cover the bill. Contact a company like Service Insurance Company to learn more.
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