What is the difference between a bail bond and a bail premium?

When someone is unable to pay the full amount of bail, they may turn to a bail bondsman to secure their release from custody. But what exactly is the difference between a bail bond and a bail premium? Let's take a closer look.

A bail bond is a type of surety bond that is purchased from a bail bondsman. The bondsman agrees to pay the full amount of bail if the defendant fails to appear in court. In exchange for this service, the defendant or their family pays the bondsman a fee, typically 10% of the total bail amount.

For example, if bail is set at $10,000, a defendant can pay a bail bondsman $1,000 to secure their release. The bondsman would then post a bail bond with the court, which would be held as collateral until the case is resolved.

The bail premium, on the other hand, is the fee that the defendant or their family pays to the bail bondsman for their services. This fee is non-refundable, even if the defendant appears in court as scheduled and the bond is released.

So, to summarize, the difference between a bail bond and a bail premium is that a bail bond is a type of surety bond purchased from a bail bondsman to secure a defendant's release from custody, while a bail premium is the fee paid to the bondsman for their services.

It's important to note that if the defendant fails to appear in court, the bail bond is forfeited and the bondsman can legally pursue the defendant for the full amount of bail. This can include hiring a bounty hunter to track down the defendant and bring them back to court.

In conclusion, while bail bonds and bail premiums are closely related, they are two distinct concepts. Bail bonds are purchased from a bail bondsman to secure a defendant's release from custody, while bail premiums are the fees paid to the bondsman for their services. If you or someone you know is in need of a bail bond, it's important to understand the terms and conditions of the agreement before making any payments.