{"id":252,"date":"2017-06-08T20:37:16","date_gmt":"2017-06-08T20:37:16","guid":{"rendered":"http:\/\/www.performancesuretybonds.com\/blog\/?p=252"},"modified":"2022-01-24T16:04:50","modified_gmt":"2022-01-24T16:04:50","slug":"long-surety-bonds-last","status":"publish","type":"post","link":"https:\/\/www.performancesuretybonds.com\/blog\/long-surety-bonds-last\/","title":{"rendered":"How long do surety bonds last?"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large wp-image-253\" src=\"https:\/\/www.performancesuretybonds.com\/blog\/wp-content\/uploads\/2017\/06\/bigstock-Business-People-Meeting-Confer-132402962-1024x683.jpg\" alt=\"How long do surety bonds last?\" width=\"840\" height=\"560\" srcset=\"https:\/\/www.performancesuretybonds.com\/blog\/wp-content\/uploads\/2017\/06\/bigstock-Business-People-Meeting-Confer-132402962-1024x683.jpg 1024w, https:\/\/www.performancesuretybonds.com\/blog\/wp-content\/uploads\/2017\/06\/bigstock-Business-People-Meeting-Confer-132402962-300x200.jpg 300w, https:\/\/www.performancesuretybonds.com\/blog\/wp-content\/uploads\/2017\/06\/bigstock-Business-People-Meeting-Confer-132402962-768x512.jpg 768w, https:\/\/www.performancesuretybonds.com\/blog\/wp-content\/uploads\/2017\/06\/bigstock-Business-People-Meeting-Confer-132402962.jpg 1120w\" sizes=\"auto, (max-width: 709px) 85vw, (max-width: 909px) 67vw, (max-width: 1362px) 62vw, 840px\" \/><\/p>\n<p>At Viking Bond Service one of the questions we\u2019re most commonly asked is, \u201cdo surety bonds expire?\u201d The simple answer is yes, but most types of bonds need to be renewed to run for another term (the coverage period of a bond). \u00a0Bonds generally run year to year.<\/p>\n<p><!--more--><\/p>\n<h2><strong>Surety bond terms<\/strong><\/h2>\n<p>The majority of <a href=\"https:\/\/www.performancesuretybonds.com\/surety-bond\/what-is-a-surety-bond\/\">surety bonds<\/a> last for a set period known as a surety bond term, once the term period is reached the surety bond must be renewed\/extended or the bond will expire. The length of a surety bond is defined when the surety bond is acquired.\u00a0 Bonds may last for multiple years if the premium is paid up front for those multiple years.<\/p>\n<h2><strong>Are all bonds renewable?<\/strong><\/h2>\n<p>Whether on not you can renew an existing bond when it is due to expire depends on a number of factors, which include the type of bond and whether the obligee (the entity requiring the bond) requires renewal. \u00a0If the bond isn\u2019t renewable you will need to obtain a replacement\/renewal bond from the carrier.\u00a0 Some bonds cannot be canceled but must rather be released by the obligee.\u00a0 However in these cases, premium remains due on a yearly basis until the release is obtained.<\/p>\n<h2><strong>Is it easy to renew a bond?<\/strong><\/h2>\n<p>The process of renewing a surety bond is a simple process. The surety bonding company will again analyze the risk that the surety bond poses in order to calculate the bond premium. Key areas used to assess the likelihood of the bond being claimed against include business financial records, business experience, type of bond, and the principal\u2019s (person taking out the bond) credit history. Once the bond premium is set the principal is required to pay the new premium to extend the term of the bond. The surety will then keep the bond in force. They will also make the obligee aware that the bond has been renewed in most cases by way of a Continuation Certificate.\u00a0 Some bonds are simply considered \u201cContinuous Until Cancelled\u201d. It\u2019s important to note that to renew a bond the principal must respond to the Renewal Notice and pay the new premium before the original surety bond term expires. If the principal fails to complete this process before the bond term ends they may be required to apply for a new bond or obtain a Reinstatement.<\/p>\n<h2><strong>Use Viking Bond Service for all your surety bond needs<\/strong><\/h2>\n<p>Viking Bond Service is a leading supplier of surety bonds in the United States. We offer a fast, efficient, and affordable bonding services to help your business acquire the surety bond they need. Contact our team today to apply for a bond.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>At Viking Bond Service one of the questions we\u2019re most commonly asked is, \u201cdo surety bonds expire?\u201d The simple answer is yes, but most types of bonds need to be renewed to run for another term (the coverage period of a bond). \u00a0Bonds generally run year to year.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[34,8],"class_list":["post-252","post","type-post","status-publish","format-standard","hentry","category-blog","tag-renewal-process","tag-surety-bonds"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How long do surety bonds last? | Viking Bond Service, Inc.<\/title>\n<meta name=\"description\" content=\"The majority of surety bonds last for a set period known as a surety bond term, read our article and find out more below.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.performancesuretybonds.com\/blog\/long-surety-bonds-last\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How long do surety bonds last? | Viking Bond Service, Inc.\" \/>\n<meta property=\"og:description\" content=\"The majority of surety bonds last for a set period known as a surety bond term, read our article and find out more below.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.performancesuretybonds.com\/blog\/long-surety-bonds-last\/\" \/>\n<meta property=\"og:site_name\" content=\"Surety Bond Blog | Discover Performance Bonds, Court Bonds &amp; More\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/vikingbondservice\" \/>\n<meta property=\"article:published_time\" content=\"2017-06-08T20:37:16+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-01-24T16:04:50+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.performancesuretybonds.com\/blog\/wp-content\/uploads\/2017\/06\/bigstock-Business-People-Meeting-Confer-132402962-1024x683.jpg\" \/>\n<meta name=\"author\" content=\"Viking Bond Service\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Surety_Bond_\" \/>\n<meta name=\"twitter:site\" content=\"@Surety_Bond_\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Viking Bond Service\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.performancesuretybonds.com\/blog\/long-surety-bonds-last\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.performancesuretybonds.com\/blog\/long-surety-bonds-last\/\"},\"author\":{\"name\":\"Viking Bond Service\",\"@id\":\"https:\/\/www.performancesuretybonds.com\/blog\/#\/schema\/person\/c539f0fcce9e0a0cb437086afd7c2ac2\"},\"headline\":\"How long do surety bonds last?\",\"datePublished\":\"2017-06-08T20:37:16+00:00\",\"dateModified\":\"2022-01-24T16:04:50+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.performancesuretybonds.com\/blog\/long-surety-bonds-last\/\"},\"wordCount\":454,\"publisher\":{\"@id\":\"https:\/\/www.performancesuretybonds.com\/blog\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.performancesuretybonds.com\/blog\/long-surety-bonds-last\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.performancesuretybonds.com\/blog\/wp-content\/uploads\/2017\/06\/bigstock-Business-People-Meeting-Confer-132402962-1024x683.jpg\",\"keywords\":[\"renewal process\",\"Surety Bonds\"],\"articleSection\":[\"Blog\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.performancesuretybonds.com\/blog\/long-surety-bonds-last\/\",\"url\":\"https:\/\/www.performancesuretybonds.com\/blog\/long-surety-bonds-last\/\",\"name\":\"How long do surety bonds last? 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