Why Surety Bonds in Gloversville, NY for Bail Are Similar to an Insurance Policy

Posted By : Aubrey Mead , on Jan, 2019

 

Surety bonds in Gloversville, NY made to a court for a defendant’s release before trial work similarly to insurance policies. Cash bail functions the same since it is refunded after the case ends if the defendant shows up at all court dates. Many people cannot afford the full bail amount, so they pay a percentage fee to a bonding service and obtain their freedom this way.

Bail Bonds and Cash Bail

A large percentage of people who are out of jail on bail have managed to do this through the use of bonds. Cash bail tends to be set high enough so it’s out of reach for most defendants. Without the option of a surety bond, the defendant would have to remain behind bars until a lawyer negotiated a plea bargain or their trial date arrived.

Even people who have the money in a money market or investment account may not want to take such a big amount from their savings. Criminal cases can drag on for a long time, and the cash bail is not returned until the case is over. These individuals do not want $50,000 tied up in bail. Surety bonds in Gloversville, NY offer a better solution, with a typical fee being 10% of the bail amount.

Further Requirements for Bonds

Depending on the personal circumstances of the person arranging the bail bond, as well as that of the defendant, the agency may require a co-signer or collateral. If the defendant runs after release, the agency technically becomes responsible for the full cash bail amount. That can be paid by the agency’s insurance policy if necessary, but the organization wants customers to be responsible for the bail amount if this happens. Thus, the customers must fully trust their loved one to not run away.

Fast Approval

Applications for a bond from an organization like Bernardo-Goldstein & Quinn Agency can be approved swiftly so the defendant can be released from jail without undue delay. Customers may pay with a credit card if that works best for them. For more information, people who need assistance may start with the website.

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