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What is a Florida Financially Responsible Officer Bond?
A FRO bond is a type of surety bond required for authorized entities to conduct business under Chapter 455, Florida Statutes. It typically covers $100,000 and guarantees payment to the Florida Construction Industry Licensing Board in case fines or other costs are incurred as outlined by Rule 61G4-15.0021 from the Florida Administrative Code . The person designated on this particular insurance policy will be held responsible for lawful and ethical accounting, reporting duties that must be fulfilled with regards towards their organization's fiduciary responsibilities
Need a Florida – Financially Responsible Officer (FRO) Bond?
Swiftbonds is an industry leader in the provision of bonds for public officials. We offer a wide range of financial services to meet your needs, including Florida – Financially Responsible Officer Bond. Our team has years of experience and we are committed to providing the highest level of service possible.
If you’re looking for a company that will provide high quality customer service with competitive pricing, then Swiftbonds is the right choice for you! Contact us today and let our knowledgeable staff help find the perfect solution for your needs. We look forward to hearing from you!
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What is the Purpose of the Financially Responsible Officer Bond?
Florida requires FROs to purchase a Financially Responsible Officer Bond as part of the application process for the Construction Contractor License. The bond ensures that if there is any public harm or financial loss caused by licensing violations, then compensation will be provided through this type of insurance policy on behalf of both parties in order to avoid litigation and costly losses.
Who is Required to Purchase a Financially Responsible Officer Bond?
Florida’s Department of Business and Professional Regulation requires this type of bond, called a FRO Bond for construction companies that want to use their license as qualification instead. The person who is the main owner will typically be designated as its FRO and get an additional business licensing requirement along with cover from any fines or other fees they would incur if anything were not up to code during construction work.
What is the Financially Responsible Officer Bond cost?
The obligee establishes the state’s required financially responsible officer bond amount, but it doesn't stop there. The surety determines what percentage of that bond amount a given applicant will pay as a premium and this is based on various factors such as an individual's credit history or financial situation which are taken into consideration to assess their risk level for issuing FRO bonds to them in the first place.
Does the Financially Responsible Officer Bond cancel out the Contractor License Bond?
No, all Florida contractors who have a credit score below 660 will still need to purchase and maintain both the Construction Contractor Bond as well as the Financially Responsible Officer bond. The latter is for construction companies whose qualifying individual does not have an ownership stake in the company.
Can I get a Florida – Financially Responsible Officer (FRO) Bond with bad credit?
Swiftbonds offers a wide-range of approvals, regardless of credit history or bad credit. One key factor in our success is that we are able to work with 99% of applicants who have been turned down elsewhere due to their poor financial standing. Our knowledgeable underwriting staff will make sure you get the lowest possible price for your bond no matter what personal circumstances may be preventing you from getting approved for other companies' bonds.
How to get your Florida – Financially Responsible Officer (FRO) Bond?
Would you like to know the first step in getting your Florida – Financially Responsible Officer Bond? It's super easy! Fill out our quick online application and get a no obligation quote today. Our Underwriters will contact you within an hour of submission, or come chat with them on the phone for help applying.
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