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Surety Bond Renewal Guide - Moderate Risk Variable Limit Bonds



Most license bonds will need to be renewed each year as a guarantee to the obligee (the entity that is regulating your bond requirement) that you will comply with regulations—this is especially true for bonds that have a limit that regularly fluctuates, which we will cover in this article. If you have a bond limit change, please contact Jet at (855) 296-2663 or [email protected].

For bonds that regularly need to be updated due to limit changes, renewal involves a few steps before coverage is extended. Not to worry, Jet Insurance Company makes this process as easy as possible for you. 

Renewing Month-to-Month Payments

When the anniversary of your surety bond comes up, you’ll get a notice from Jet through email and mail. Your rate will stay the same if your credit score and bond limit remain the same, but it’s very common for rates to change since these types of bonds have a limit that either increases or decreases on an annual basis.

The renewal rate is based on the current information Jet has on hand and a credit check at dedicated intervals, but it is important to notify Jet of any changes (especially the bond limit!) as they happen. If the limit has increased, it may bump you into a tier that will require additional financial information.

For renewals that require financial statements, the statements must be reviewed annually for an accurate premium to be charged—in some cases, a review of financial statements can be extended out to two or three years. On the flip side, if your limit has gone down then your payments could do the same! Always notify Jet with bond limit updates.

Annual Renewal Process

Like the monthly renewal notices, you will receive your renewal papers through the mail and email close to the anniversary of your bond’s inception. The renewal notice contains a quote for your upcoming term based on a recent credit check and current bond information. Any changes to your bond or bond limit should be taken care of at this time, as the limit will determine how your renewal plays out.

For lower-limit bonds (typically under $15,000), a credit check and confirmation of your bond limit are all that are needed to verify your quote. Given that personal credit can change from year to year and the nature of these bonds having a variable limit, it is very common for the renewal quote to be different from the previous year (it could be lower, which you don’t want to miss out on!).

A Jet team member will review the information and send you an email with the updated quote. You’ll also receive a letter through standard mail. All you have to do is click the link to process your renewal online or send back payment with the mailed invoice.

Underwriting Requirements

For higher bond limits, the renewal process goes a little more in-depth. Jet will have to verify the limit, credit scores, and other financial information to ensure that your quote is accurate. These “other factors” are financial statements, and can include business financials like in-house statements, income statements, balance sheets, or even personal financials, like a bank statement. A Jet team member will reach out to you if needed to let you know what information is required.

Review and Invoice

Submitted financial information will be reviewed by a Jet underwriter and a fresh quote for your renewal term will be sent out to your mailing address and the email Jet has on file. If you move at any time or change your email while holding your bond with Jet, make sure to get your information up to date by calling (855) 296-2663 or sending an email to [email protected].


When you’re ready to pay for your renewal term, Jet provides multiple options so you can choose whatever works best for you. You can mail back the filled-out renewal notice in the return envelope, click the link in your email, or give our office a call to pay for your renewal.

Surety Bond Payment Options

What Happens if I Don’t Renew My Bond?

Bonds that have regular limit changes commonly have this language on the bond form: “this bond shall remain in full force and effect”, meaning the bond will stay on file with the obligee until a breach of the terms of the bond occurs or until cancellation is requested. 

With Jet, we don’t send cancellation notices to the obligee unless you requested to cancel your bond or there is an issue with nonpayment, such as a missed monthly payment or a failure to pay the renewal premium. Jet will never cancel a bond before the due date of the renewal, which is typically the anniversary of the bond’s effective date or an expiration date (if listed). 

Most bonds are not flat-cancelled the day that a cancellation request is received; the obligee will hold the bond active for another 30, 60, or however many days it deems necessary.