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Article: Prop. 103 could reduce cost of bail bonds.
- Article from:
- National Underwriter Property & Casualty-Risk & Benefits Management
- Article date:
- November 6, 1989
- Author:
CopyrightCOPYRIGHT 1989 The National Underwriter Company. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Prop. 103 Could Reduce Cost Of Bail Bonds
Beneficiaries of Proposition 103 rollbacks could include another group in addition to consumers - criminals.
Bail bonds are considered a type of surety bond, which is included under the category of casualty insurance covered by the rollback provisions of Prop. 103. For at least the last 30 years, the price of bail bonds has been set at 10 percent of the bail amount, explained Robert Goodell, chief financial officer, Amwest Insurance Group, Woodland Hills, Calif., a surety company which he describes as the third largest bail bond writer in the state.
"If the insurance commissioner mandates a 20 percent ...