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How much does a Florida CDL third-party administrator surety bond cost?
Administrators who issue 300 or fewer road tests within a given year will be expected to post a surety bond in the amount of $100,000. For administrators providing 301-1,600 tests annually, the bond amount increases to $500,000. Finally, should an administrator issue 1,601 or more road tests per year, he or she is required to obtain a surety bond in the amount of $1,000,000.
Due to the large bond amount, the price an applicant will pay is subject to underwriting consideration, meaning the applicant’s rate will be primarily based on credit. Applicants with excellent credit may be approved for as little as 1% to 3% of the total bond amount, meaning an administrator with excellent credit who needs a $100,000 bond may pay as little as $1,000.
Find out exactly what you’ll pay for your Florida CDL third-party administrator bond by applying for your free, no-obligation quote today!
Ready to purchase your Florida surety bond? Call 1 (800) 308-4358 or click here to connect with our team of surety bond professionals now!
What is a CDL third-party administrator bond?
A CDL third-party administrator bond is a type of surety bond required by the Florida Department of Highway Safety and Motor Vehicles (FLHSMV) before an applicant can get a license to administer commercial driver license tests. The bond is required by 49 CFR 383.75 and is intended to guarantee all terms of the agreement between the administrator and the FLHSMV are met.
If the licensee fails to adhere to the terms of the bond, a claim may be made by the state to seek reimbursement for damages.
If you are applying for a non-commercial Class E driving skills or written knowledge test bond, please visit our Class E Third-Party Driving Exam Administrator Bond page.
What’s the fine print?
Florida CDL third-party administrator bonds are issued for 12-month terms and must be renewed annually for as long as the licensee wishes to administer commercial driver license tests. At the time of renewal, a continuation certificate must be provided to the obligee and can be obtained by contacting the licensee’s surety provider.
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How do I become a third-party driving exam administrator in Florida?
To qualify to become a CDL third-party administrator in the state of Florida, applicants must meet a list of requirements established by the FLHSMV. The applicant must have established a permanent business address in Florida. They must also have commercial automobile liability insurance, commercial general liability insurance, and workers’ compensation insurance. At least one Third-Party Tester must also be employed by the licensee to conduct commercial driver’s license skills tests.