Configuring the Penalty for Maintaining a Bond

Overview of Configuring a Penalty

When maintaining a bond, users must set the basic configuration properties that will establish premium calculation, expiration, billing, and bond specific settings.

Select Maintain Bond/[Choose Bond Configuration]/Configure Bond, then select the Term tab.

Within Tinubu Surety Solution for Carriers (TSC) there are three ways to establish the penalty amount for a bond: Variable, Fixed, and Predefined.

A variable penalty type allows a user purchasing the bond to enter the exact penalty amount desired, although this is limited to a range. Enter the minimum and maximum penalty amounts to be allowed for this bond configuration into the corresponding fields, as shown below.

A fixed penalty type establishes an exact penalty amount for this bond configuration. The user purchasing the bond does not have the ability to make any changes to this. However, this could be altered at a later action with a Premium Bearing Rider if needed. Enter the fixed amount into the corresponding field as shown below:

A predefined penalty type allows for a selection of different penalty amounts from a dropdown list. The user purchasing the bond would selection the penalty amount from the options given from the dropdown list. The dropdown list must be set up before applying it to the bond configuration. This is found at Reference Tables/Dropdown Lists. For further instructions to set up the penalty type dropdown list, refer to https://tinubu.atlassian.net/wiki/x/AYDMIAE and https://tinubu.atlassian.net/wiki/x/QIDMIAE for more information.