Below are a few of our most commonly asked questions about Phoenix bail bonds and how bail bonds in Phoenix, Arizona work. If you can't find the answer to your question below please call us at 602-267-9057.
A bail bond, also known as a “Surety Bond”, is a contractual undertaking made by a state licensed bail bondsman who is backed, “underwritten”, by an insurance company. The bail bonds agent guarantees to the court payment of the full amount of the bond if the defendant fails to appear for their scheduled court appearances or fails to abide by his/her conditions of release while out on bond.
Arizona bail bond premium rates are governed by the Arizona Department of Insurance (AZDOI). The AZDOI has set premium rates to be a minimum of 10% plus actual expenses. Commonly, bail bond companies set a minimum premium rate they will charge on a bail bond; this rate can vary amongst bondsman, but as the bond increases in size ($2,000.00 or greater), the premium rate becomes more uniform. The AZDOI regulates Surety Bail Bonds; it does not regulate Cash Bail Bonds.
A Surety Bond is composed of two things:
- The premium and fee – paid by cash, credit card, or deposit. The premium and fee are non-refundable.
- Collateral – some tangible property or cash equal in value to the bond amount (a $10,000 bond requires $10,000 worth of property). Property values are determined by applying wholesale or pawn shop type evaluation methods.
Collateral is something of value that is used to secure a bail bond. Collateral can be anything of salable value including; vehicles, trailers, real estate, jewelry and cash. Collateral is held in trust, either by lien or physical possession, pending the exoneration of the bond. Once the bond has been exonerated (liability on the bond released) the collateral will be returned; this usually occurs after a case has been completed.
Phoenix Bail Bonds is “old school”, we prefer to have all our bonds fully collateralized. Clients tend to appreciate and respect the gravity of the situation when something is at stake. Court cases seem to get resolved quicker and Defendants are more diligent at attending their court case. However, on occasion we can compromise or negotiate other options.
Other options available through Phoenix Bail Bonds may include a GPS ankle monitor. Our monitors are nearly impossible to remove and coupled with our Fugitive Recovery Team; offer some compromise to insufficient collateral. Individual circumstance may dictate other flexibilities, please call for more information.