Rhode Island Injunction Bond
AmeriPro Surety Bonds | 844-589-9732
Injunction Surety Bond – Plaintiff Requirement
An injunction bond is a court order which requires a Plaintiff, to obtain a surety bond with the court as the obligee (that is, the entity requiring the bond), on behalf of at least one Defendant.
The surety bond is for the benefit of the Defendant(s) in case the court subsequently determines that the Plaintiff’s cause of action was without merit. In such a case, the bond guarantees that the Defendant(s) will be able to be compensated for harm, loss, or damages, caused by the Plaintiff’s (now subsequently determined) unwarranted legal proceedings.
Qualifying and the Premium
For any surety bond amount up to and including a $25,000 requirement, you are automatically approved for the Rhode Island injunction bond. What this means is that the bond issued to you for 2% annually, and with no credit inquiry.
In all cases, to obtain your injunction bond, we’ll need the following:
- A copy of the court order which states that you are required to obtain an injunction surety bond, along with the amount of the surety bond requirement;
- The address of the court which requires the bond (this is likely found on the court order);
- A complete surety bond application. The application will need to be signed and witnessed; however, it does not need to be notarized;
- Payment of the premium, which is 2% of the surety bond or a minimum of $100, whichever amount is greater.
Amounts Greater than $25,000
For an injunction surety bond greater than $25,000, the major difference is that a credit inquiry (business or personal) and an underwriter review of your application are required for your injunction surety bond’s approval.
Good credit is required for approval through our agency; the premium rate is at 2% annually.
Once your injunction bond is approved, and the premium is paid, the bond will be issued to you immediately, along with a Power of Attorney (POA) form. Upon receipt, you will sign your bond as Principal, filing it along with the POA form to the appropriate court or Clerk of the Court.
Annual Renewal Of Your Premium; Premium Prepayment Options; No Refunds
The premium associated with your Rhode Island injunction bond is not a onetime payment, but renews annually on the anniversary of the issuance of your surety bond.
Candidates for the injunction bond should realistically plan to pay the premium at least twice.
Options exist to prepay your bond premium up to 3 years; however, should your case be resolved before the conclusion of your bond term, refunds are not offered.
More On The Purpose of the Surety Requirement
“Temporary restraining order” is a term frequently referred to where an injunction bond is concerned. As the Plaintiff in a civil proceedings, you are likely attempting to prohibit the defendant from acting in some manner.
The court wishes to hold you accountable should your actions be later determined unwarranted. Rule 65 of Rhode Island’s legislation details injunctions.
AmeriPro Surety Bonds provides court injunction surety bonds (with the Plaintiff as the Principal) nationwide.
Our agency also provides license and permit, probate, and other court surety bonds nationwide.
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