Surety bonds purchased on annual terms will need to be renewed to continue working as a licensed professional in the city, county, or state that issued your license or registration. As proof of renewal, some obligees (the entity that requires the surety bond) need to receive a continuation certificate every year. With Jet Insurance Company, the renewal process for these types of bonds couldn’t be easier.
With Jet Insurance Company, the renewal process for these types of bonds couldn’t be easier. Once your payment goes through, Jet will mail the continuation certificate to you, or—if the obligee allows it—we will mail it straight to the obligee for filing.
What Happens if I Don’t Renew My Surety Bond?
For instant issue surety bonds needing to be renewed annually, the obligee requires proof of renewal to verify that the licensee has continued coverage for their actions. If no certificate of continuation is submitted, the obligee will cancel the bond, which may lead to licensing issues if you are continuing to work without an active bond.
Renewing an Annual Auto-Approved Bond
If you are paying monthly for your surety bond, you don’t even need to worry about renewal payment. The monthly payments are set up as continually renewing terms that will carry on as long as payments go through. Jet will send out continuation certificates prior to the anniversary of your bond issuance.
For annual terms, as your term comes to a close, Jet will send out a renewal notice to you by mail and email. All you have to do is renew your bond, paying the same amount as your initial bond purchase (no credit checks are required for these bonds!) in whatever method works best for you.
To renew your bond in the quickest way, just click the link in your email. You’ll be able to submit payment information and process your renewal instantly. Or, you can give our office a call at (855) 296-2663. If you choose to mail your renewal, simply fill out the renewal notice you received and send it back in the prepaid envelope.
Once your renewal has been processed, Jet will send you or the obligee a continuation certificate as proof of renewal.
What Does a Bond Renewal With Jet Look Like?
Let’s use Billy, a street contractor, as an example. As part of his licensing, Billy needs to keep a surety bond on file to assure the City that he’ll finish his work and provide maintenance for any damages as needed.
Billy knows that time is money so he got his bond with Jet last year to make his initial purchase a piece of cake and renewing is even easier. He got his renewal notice email, and a couple of days later, the mailed notice came in. Billy wanted to get his renewal taken care of ASAP, so he clicked the link in his email and paid his renewal premium (same as last year, nice!).
After payment, Billy received his confirmation email, and Jet mailed the continuation certificate over to Billy. Some obligees will allow the certificate to be mailed directly to them, but Billy was instructed to submit the continuation certificate along with his license renewal. Aside from the time it took for the certificate to arrive through the mail, Billy’s renewal only took a few minutes and he’s all set for the next year.
Please Note: most of the time the obligee does not need to notice the bond was renewed. In those cases once Billy makes payment there is nothing to do after renewal payment is made.