How much does a Financially Responsible Officer Surety Bond Cost?
A Financially Responsible Officer Bond costs about $900 annually for well qualified applicants. This represents a drastic reduction in price from 2014 when the same $100,000 surety bond cost in between $2,000 and $3,000. DBL Surety has access to the most competitive pricing in the industry and can bond individuals with credit scores down to 550.
Who needs a Financially Responsible Officer Surety Bond?
These surety bonds are required when a licensed Florida contractor decides to use his or her license to qualify another business but does not want to be financially responsible for that business. For example: Let’s say Joe Contractor uses his contractor license to qualify a friend’s business. Joe Contractor won’t have much to do with the day-to-day operations and does not want to be financially responsible for fines and fees levied against his friend’s business. However, the state of Florida requires that someone be financially responsible for the business which means Joe’s friend or another person must declare themselves the financially responsible officer of that business. This financially responsible person is typically the owner of the business which Joe Contractor is qualifying.
What Financially Responsible Officer Bond amount is required?
The Florida DBPR requires a surety bond amount of $100,000 for each financially responsible officer. The bond amount was increased from the previous $50,000 requirement in 2007. All financially responsible officers who obtained the surety bond prior to the increase were grandfathered in at the $50,000 bond amount unless the bond in place was cancelled.
Can I finance my surety bond premium?
Absolutely! If your Financially Responsible Officer surety bond cost meets or exceeds $1000, you can finance your premium. The financing process requires a 30% down payment with the remaining premium paid in monthly installments over the following four months.
How long will it take to get my surety bond?
You can have your surety bond within minutes of applying! All we need from you is a signed application and payment of the surety bond premium. Once both items have been received your bond will be processed, a copy will be sent to you via email, and the original surety bond will be sent to the address listed on the application.
How do I apply for a Financially Responsible Officer Bond or FRO Bond?
- Complete our online Financially Responsible Officer Bond or FRO Bond application, or
- Download and complete our printable Financially Responsible Officer Bond or FRO Bond application, and
- Receive your surety bond quote in minutes!