I believe, regardless the length of the chains. The Bungee cord is serving one purpose. And that is to hold the chains from sparking on the asphalt. In my case its when I tow with my dads van. The tongue sits low to the ground. In fact, the hitch jack cant be used either, its simply too low to the ground. For a safety chain to hold the tonger up , It would have to be almost tight as can be.
Probably not the best ideal situation I know, but theres not much choice. I try to make things as practical as I can, but in this case its simply the way it is.I just use a bungee cord around the two chains and over the ball mount car. It keeps them off the ground, and yes if it comes off, it will have a far amount of chain, the tongues will drop.
I remind , that this is a 1000 lb utility trailer.
Thanks for all the input.Many points have been brought up that interested me. I guess I have seen so many trailers without any chains, or chains with less than sufficient strength hooks that I consider my methods to be good.