Working with an experienced surety broker provides an edge in obtaining the best pricing for your replevin bond cost. Mark Levinson, Senior Vice President of Surety, has extensive experience in providing replevin and other court bonds. He has developed strong relationships with the leading surety bonding companies to supply our clients with access to more favorable terms and conditions.
What Is A Replevin Bond?
In a replevin action, the plaintiff claims ownership and entitlement to the possession as opposed to an attachment where the property in question belongs to the defendant. The replevin bond, subject to its terms, guarantees the plaintiff will return the covered property along with any damages and costs to the defendant, if resolution of the lawsuit favors the defendant.
How Much Does a Replevin Bond Cost?
The cost of a replevin bond depends on your financial information, such as credit score, and financial statements. The surety will require collateral equal to the value of the bond. The most accepted form of collateral is an Irrevocable Letter of Credit (ILOC). Most often, you can get an ILOC from your bank.
What Is Required To Get a Replevin Bond?
- Submit an application and signed indemnity agreement supplied by the surety broker/agent.
- Provide a copy of the court papers for the applicable action being filed.
- Provide collateral, usually in the form of an Irrevocable Letter of Credit (ILOC).
Surety Agency Advantages for Replevin Bonds
- Great rates on surety bonds, including court bonds
- Fast, responsive, and knowledgeable service
- Access to a wider selection of surety providers
- Guidance through the process of obtaining surety insurance
- A proactive approach to improving your access to surety credit
- Assistance with specialized surety bonding needs