Florida Discount Medical Plan Organization Bond Guide
If you’re applying for a discount medical plan organization license in Florida, you’ll need this surety bond.
Bond Overview
- Purpose: To protect members who may be adversely affected by a discount plan organization’s insolvency
- Who Needs It: All discount medical plan organizations in Florida
- Regulating Body: The Office of Insurance Regulation
- Required Coverage: $35,000
- Premium Rate: $350–$3,500 based on credit score
Learn all about the bond requirements and process in this guide.
What Is a Florida Discount Medical Plan Organization Bond?
A Florida discount medical plan organization bond is a license requirement to protect members who may be adversely affected if an organization becomes insolvent.
How Much Do Discount Medical Plan Organization Bonds Cost?
Florida discount medical plan organization bonds cost a small percentage of the $35,000 bond amount, typically $350–$3,500.
Exact rates vary based on personal credit score. Apply for your free quote now!
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
Who Needs a Discount Medical Plan Organization Bond?
The Florida Office of Insurance Regulation requires this bond as part of the licensing process for discount medical plan organizations in the state.
How Do I Get My Bond?
SuretyBonds.com provides the fastest and easiest way to get a Florida discount medical plan organization bond. Just follow these quick steps:
- Apply: Submit an online quote request form
- Quote: Receive your quote within one day
- Sign: Complete the indemnity agreement
- Buy: Purchase the bond online 24/7
We’ll mail you the bond via your preferred shipping method. Be sure to file the bond with the Office of Insurance Regulation as instructed.
If you have any questions, call our friendly surety experts at 1 (800) 308-4358 for assistance.
How Does a Florida Discount Medical Plan Organization Bond Work?
As with all surety bonds, a discount medical plan organization bond creates a legal contract between three parties:
- Principal: You, the discount medical plan organization filing the bond
- Obligee: The Florida Office of Insurance Regulation requiring the bond
- Surety: The provider issuing the bond
This holds you financially responsible for upholding all applicable provisions of Florida Statutes Chapter 636.
If you break the bond terms, harmed parties can file claims. The surety will pay valid claims up to the bond amount, but you are ultimately responsible for refunding the surety.
How Do I Renew My Bond?
These bonds expire annually. To renew your discount medical plan organization bond, simply pay your renewal invoice when prompted.
We’ll begin contacting you by phone and email 90 days before the expiration date.
