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How much does a home or service warranty association bond cost in Florida?
The Florida Office of Insurance Regulations’ Specialty Product Administration requires home or service warranty association professionals to post surety bonds in varying amounts prior to conducting business. Applicants should verify their required bond amount prior to bonding.
Begin the bonding process by calling 1 (800) 308-4358 or submitting a bond request. Our experts can typically provide free, no-obligation bond quotes within one business day of submitting your application.
Why do I need this bond?
By posting a Florida home or service warranty association surety bond, principals pledge to faithfully perform obligations to its members or subscribers and pay any and all liabilities to its member or subscribers according to contract.
If the principal fails to conduct business lawfully and ethically, the bond protects harmed parties from financial loss up to the full penal sum of the bond. The principal must reimburse the surety for all damages paid out.
What’s the fine print?
Home and service warranty association surety bonds in Florida remain in full force and effect until canceled or released. The surety can cancel the bond by giving written notice of cancellation to the Commissioner of the Office of Insurance Regulation at least 60 days prior to the effective termination date.