Florida Legal Expense Insurance Bond Guide
If you’re applying for a legal expense insurance corporation license in Florida, you’ll need this surety bond.
Bond Overview
- Purpose: To protect policyholders from insolvency or misconduct by a legal expense insurance provider
- Who Needs It: Companies/individuals that wish to sell legal expense insurance plans
- Regulating Body: The Florida Office of Insurance Regulation
- Required Coverage: $30,000–$100,000 based on gross written premium
- Premium Rate: 1–10% based on credit score
Learn all about the bond requirements and process in this guide.
What Is a Florida Legal Expense Insurance Corporation Bond?
A Florida legal expense insurance corporation bond is required for companies selling legal plan insurance policies.
The bond acts as financial security in case the insurance provider becomes insolvent or otherwise fails to meet obligations for clients according to state regulations.
Which Bond Coverage Amount Do I Need?
Initial license applicants need a $50,000 bond. For license renewal, you’ll select the bond amount based on your annual gross written premium.
- First-time applicants: $50,000 bond
- ≤ $300,000 premium: $30,000 bond
- $300,001–$749,999 premium: $75,000 bond
- $750,000+ premium : $100,000 bond
How Much Do Legal Insurance Bonds Cost in Florida?
Florida legal expense insurance corporation bonds cost a small percentage of the required bond amount, typically 1–10%. For example, you could pay as low as $300 for a $30,000 bond.
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 Legal Expense Insurance Corporation Bond?
The Office of Insurance Regulation requires this bond as part of the licensing process for all legal expense insurance providers in Florida.
How Do I Get My Bond?
SuretyBonds.com provides the fastest and easiest way to get a Florida legal expense insurance 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 email you the bond shortly after purchase. 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 Legal Expense Insurance Corporation Bond Work?
As with all surety bonds, a legal expense insurance bond creates a legal contract between three parties:
- Principal: You, the legal expense insurance corporation filing the bond
- Obligee: The Office of Insurance Regulation requiring the bond
- Surety: The provider issuing the bond
This holds you financially responsible for upholding the provisions of Florida Statutes Chapter 64.
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 legal expense insurance bond, simply pay your renewal invoice when prompted.
We’ll begin contacting you by phone and email 90 days before the expiration date.
