Are you currently involved in an ongoing court case. If you are a defendant and you lose in court, you might be keen to appeal to a higher court. The benefit of this is that you can stay the execution of the judgment and essentially give yourself a second chance to gain the support of the legal system. However, it is important to be aware that there are always costs associated with proceeding here.
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If you do find yourself in this position, then it is likely that you will need to secure a Supersedeas Bond. This is also known as an Appeal bond and is typically required in a court of law.
Supersedeas Bond Explained
The Appeal Bond or Supersedeas Bond is a form of Surety Bond. Surety Court Bonds are needed by individuals who are pursuing action through the courts. These can be divided into two main categories.
It is also a type of court cost bond. These court bonds are designed to ensure that any payment related to the court case is paid in full. That could include payment to anyone from the sheriff to legal fees or costs awarded to the party.
The main basis of a Supersedeas bond is to hold the defendant financially liable if the appeal if not successful. If you lose your appeal and the higher court upholds a decision from the lower court, then you will need to pay the judgment, interest, attorney fees and court costs. Costs here can be quite substantial so you must be prepared for the possibility of a loss before you proceed with this decision.
How Much Will A Supersedeas Bond Cost?
These court bonds are usually based on the amount that was in the original judgment. However, it’s important to be aware that it can be a lot more. This will depend on decisions made by the court itself.
To get bonded, you do not have to pay the entire bond. Instead, you will be required to pay a percentage of the total bond amount. You will also be expected to pay collateral on top of the bond premium.
Collateral is simply an asset that a lender will accept on loan. So, if you are unable to pay the loan or in this case, the bond, the collateral will be seized to recover any losses. The collateral may be the full penal total of the bond itself.
Get Bonded with Pinnacle Surety
To get bonded, you need the help of a surety bond company and that’s where we come in. Using our services, you will be able to apply for the Supersedeas bond that you require. We can complete a full evaluation and ensure that your history, character and moral match the requirements of this type of bond.
We are keen to help people who require these types of bonds for appeal. As such, we have a more open process than most other companies. If you are approved for a bond, you will need to purchase it. As already mentioned, you will typically not need to pay the full amount. Instead, you may just need to pay the bond premium.
This is only the first portion of the bond and enough to secure it. However, do be aware that unlike other judicial bonds, a Supersedeas bond will require a collateral payment as well.
Will An Insurance Company Pay Your Bond?
In some cases it’s possible that an insurance company will cover the cost of your bond. Usually, this will occur when a company is being sued and has a massive level of liability insurance. Many liability contracts will have language that requires them to pay the cost of these bonds. Even if the contract does not specifically state they need to be a supersedeas bond, courts have ruled in the past that a bond is part of the necessary payment for defense. As such, an insurance company can be held accountable for the payment.
This is beneficial as in lawsuits where businesses are the defendants rather than individuals, supersedeas bonds can be massive and cost millions of dollars. Be aware though that some insurance policies do explicitly state that while the insurance company will be liable for paying the cost of obtaining the bond, they will not furnish it. In other words, you will still be responsible for the collateral and the surety.
As you can see, this can be confusing. If you’re unsure how to proceed with your surety bonds and what you will need to pay, please get in touch. We have a full team of experts ready to answer your questions and help you with every aspect of your application.
Choose Pinnacle Surety for Supersedeas Bonds
We are an award-winning agency, committed to providing the service and support clients need when looking for judicial bonds, litigation bonds, process server bonds and Surety bonds. Regardless of your bond court requirement, we can make sure that you are provided with the best option.
You can also be assured a fast service that reaches an exceptionally high standard. It’s often important to move forward with Supersedeas bond applications as quickly as possible. Clients often don’t want to wait too long before they can proceed to appeal. We deliver a rapid solution for every client and aim to respond immediately while keeping times for background checks low too.
You might need help understanding which bond you require. Or, you could simply be struggling with the application process. This can be quite complicated and we aim to make things easier, providing advice and expertise every step of the way. If you need to speak to an expert, please don’t hesitate to contact us today. A friendly member of our team will be happy to assist you and ensure that you do take all the right steps. With our solution, you can proceed to appeal with the Supersedeas bond that you need. Underwriting for supersedeas bond does need a surety specialist with expert knowledge of this level of judicial obligation. That’s exactly what we provide.
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