Most consumers equate an immigration bond with a bond, since there is an individual in jail who needs to be released on bond. Although these two types of bonds are conceptually similar, there are big differences in cost. An immigration bond is a type of federal civil bond, while a bond is an appearance bond. What this means is that a bond is simply a tool used to guarantee a defendant’s appearance on all court dates pending the outcome or, more commonly known in the industry, the disposition of their case. An immigration bond is a tool used to ensure that a person living in the United States illegally will appear for all of their immigration proceedings until they are deported, granted residency, or voluntarily leave the country pursuant to an order issued by a judge. of immigration. These bail bonds are regulated by the Federal Government, while bail bonds are regulated by the State in which the bail bond is executed. For bail bonds, the bail premium is generally determined and set by the state, which in most states is ten percent of the bail set amount.
There is no universal fixed premium rate for an immigration bond. Although the Federal Government ultimately regulates the laws relating to these bonds, the premium charged for these bonds is regulated by the State in which the contract is executed. To post or post an immigration bond, an agent or agency must be designated as a proxy for an insurance company published in US Department of the Treasury Circular 570. In other words, the insurance company is in good standing with the United States Government and is authorized to issue immigration bonds. An insurance company that processes immigration bonds must apply for a premium rate in each state in which it intends to do business. Once the state approves the insurance company’s rate filing, that is the rate they must charge all customers in that particular state.
What this means is quite simple; Different insurance companies have different premium rates for immigration bonds. This is exactly what many consumers do not understand, and because of this, they ultimately end up paying excessive premiums for these bonds. Company A may charge a renewal premium each year, which means that each year the case runs, the consumer must pay a new premium. Company B may charge a single premium and Company C may charge something else. Some companies even impose a minimum number of years of validity of your contract. So even if the case ends before a year is up, the consumer still has to pay another year’s premium. Immigration bonds typically remain active for several years and, in some rare cases, have even been known to remain active for so long that a consumer may end up paying the full amount of the bond (and possibly more) in renewal premiums.
The point here is simple, always ask the agent you are dealing with these 3 questions:
1. What is the collection agent for your service?
2. Does the agent charge any renewal fees?
3. Is the designated agent for an insurance company published in Circular 570?
In moments of desperation, consumers will sign documents without first reading them or having the terms and conditions of the contracts properly explained to them. Always make sure you read all the documents you intend to sign and if something is unclear or doesn’t make sense, don’t hesitate to ask. For more information on immigration bonds, you should contact an immigration bonds expert. Find one at immigration-bail-bonds.com
