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| Appeal Holds Up Forfeiture of $700,000 Bond http://fugitiverecovery.com/forum/viewtopic.php?f=26&t=1892 |
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| Author: | tsuggs [ Sat 22 Jul 2006 20:24 ] |
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We are very cautious in our underwriting of bonds. Even still we occassionally get a skip that we can't pick up ourselves. When that happens we bite the bullet and offer the recovery agent the premium fee that we collected from the def / indemnitor. So, we try to break even and not lose any cash out of our pocket. If the bond's a lemon, we don't try to make lemonade out of it and keep part of the premium. The recovery agent gets what we collected up front. They're happy and willing to work for us in the future. By the way, we do sign a contract with the FRA and everyone knows what is expected on both sides. |
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| Author: | thebishopp [ Sat 22 Jul 2006 20:34 ] |
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+1 to Bob on 1st Arkansas. I also was in contact with them and they were very "anti" assistance. The feeling I got from them was that they were not concerned about catching this guy, who is still running around (word is he has had some minor cosmetic surgery and possibly a brittish passport though his main finanacial accounts are being monitored for activity... speculation - besides possibly be out of the US- is that he is in the gulf area). |
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| Author: | AWOBB [ Sun 23 Jul 2006 18:06 ] |
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Tony, Thanks for your info. The Bail Bond business is the new part for me. I have been doing the recovery part for quite awhile. I have that part down great, Plus Paul Hathcoat from United Surety Agents has been a great help. If Tony or anyone else can answer a question for me? If I wanted to hire more Surety Bail Bond Agents, How much would you pay other Surety Bail Bond Agents? Any Info would be great. Again, Thanks for you alls help! |
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| Author: | HoundDog [ Sun 23 Jul 2006 20:46 ] |
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Lance, that is the case I called you and Hadley about awhile back saying, the bondsman may be in your area illegally hunting for this skip. |
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| Author: | Kathy [ Sun 23 Jul 2006 23:49 ] |
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It doesn't appear (from various posts on here) that they had any intentions of paying the bond if forfeited or paying to find the skip. Call me stupid, but I would never have written it unless I knew that I could collect on the collateral and pay the forfeiture. Reminds me of other bond agents I know... |
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| Author: | tsuggs [ Mon 24 Jul 2006 13:40 ] |
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Kathy, We write every bond with the idea that we MAY have to pay it. So, it keeps us on our toes and cautious with everyone. Hey Steve, there is no set fee or pay scale for subagents. In high bail states such as CA, a 10% commission to a subagent on an average bond, can be quite a chunk of change. In our area that would be about $200 per bond to the sub. In low bail states such as Nevada 10% of an average bond is only about $50. So it comes down to how much you are willing to pay and the subagent is willing tp except. It could be straight commission, straight salary or a combination or both. Also take into account if the sub will be liable for part of the forfeiture amount. If they have no liability, they get a lower pay scale. If they have some or all liability then they get a higher pay scale. Now if you are going to be a General Agent for a surety then you are getting into a entirley different area. GAs or MGAs are responsible for signing up independent surety agents and are in betweeen the bail agent and the surety company. The GA make his or her income on part of the commission that goes to the surety company. |
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| Author: | AWOBB [ Tue 25 Jul 2006 16:43 ] |
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Tony, Thanks for all your information. I will need all the advice I can get. |
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| Author: | lowery [ Wed 26 Jul 2006 18:29 ] |
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As far as bond writing goes, get all the information you can on them, one thing i use on my app is get the person who loves them the most and hates them the most, i find ex-wives or girlfriends are always looking to get to someone picked up. Being from Louisiana i heard about this case a while back, its just plain stupid for the agency not to be looking for this guy with all means necessary. They should have set up plenty of property and collateral with the indemnitors and should have already have it set up to pay. |
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| Author: | SavageKabbage [ Thu 27 Jul 2006 09:05 ] |
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I don't know how you bondsmen write bonds this big and are able to sleep at night. Wouldn't a bond this big pretty much put you out of business if you can't recover the skip? |
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| Author: | Eagle [ Thu 27 Jul 2006 09:39 ] |
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Good bondsmen get good co-signers and keep track of the people they get out. We make the people with felony charges come in once a week and sign in. If they miss, the bondsman starts tying to locate him. It's much easier trying to find someone if they've only been gone for a week than it is for months... |
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