If you ended up on this page, that means your bond has an expiration date and your coverage will end on that date if the bond hasn’t been renewed. To cancel the bond ahead of the expiration date, send Jet an email at [email protected] or give our office a call at (855) 296-2663.
In many cases, a surety bond goes on file with the regulating agency until cancellation is requested by the surety company. But, some bonds (like the ones we’ll discuss in this blog post) have an expiration date listed on the bond per the regulator’s instructions.
We’ll go over the details of how to cancel your bond with Jet Insurance Company (either early or by letting it expire) and why it is important to renew your bond.
Is There a Common Expiration Date?
Although there’s not a specific date that all bonds adhere to, typically, bonds with an expiration date are synced up with the license period. Many license periods run from January 1st to December 31st, but it really depends on what the regulator has established.
What Happens if I Don’t Renew by the Expiration Date?
If your bond is a license or registration requirement, you will need to make sure that you have an active bond for the duration of your license. So, although your bond has an expiration date, you will need to renew ahead of time to guarantee that you will have continued coverage along with your license. Jet will send either a new bond or a continuation certificate as proof of coverage, as directed by the regulator.
Failure to renew the bond will mean that once the bond reaches the expiration date, the regulator will release the bond and you will not have any more coverage beyond that date. This will lead to problems if you are hoping to continue working in your industry; not meeting a bond requirement for your license can lead to license suspension or revocation.
Can I Cancel My Bond Early?
Your surety bond has a guaranteed expiration date that will end your bond coverage if left untouched, but in most cases, it is possible to cancel the bond prior to expiration. If you need to cancel your bond, just reach out to Jet at [email protected]. We will request cancellation with the regulator but will be bound to the cancellation period, usually 30–60 days.
Once the cancellation period is over, the regulator will release you and Jet from further liability. If you have any unused premium left on your bond term, Jet will provide a prorated refund. Keep in mind that the first $100 is earned and the refund will reflect the remaining balance.
Cancelling Your Bond With Jet: An Example
Katherine is a mobile home dealer in Florida. She bought her surety bond with Jet Insurance Company for the last few years. Katherine’s license runs from October 1st to September 30th and the regulator (the Department of Highway Safety and Motor Vehicles) requires the bond to adhere to the same term.
However, Katherine is getting ready to retire and close her business a few months before her bond expires in September. She can just leave her bond alone until it expires, but Katherine wants to have a clean cut before she starts her retirement in June. She emails Jet to cancel her bond, starting the 30-day cancellation period. Once the bond has been fully cancelled on June 30th, Katherine has about 3 months of unused premium that she had paid for; Jet will calculate this into a refund and mail Katherine a check.