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How much does a premium finance company bond cost in Florida?
The Florida Office of Insurance Regulation requires premium finance companies to post $35,000 surety bonds prior to conducting business.
These bonds are subject to underwriting consideration, which means the price you’ll pay is based on a review of your personal credit report. Qualified applicants could pay as low as $250 for their bond! Request your free bond quote now!
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?
Florida premium finance company surety bonds ensure that principals (premium finance companies) conduct business in accordance with Chapter 627, Part XV of the Florida Statutes. If the principal fails to conduct business ethically and lawfully, the bond protects harmed parties from financial loss up to the full penal sum of the bond ($35,000). The premium finance company must reimburse the surety for any damages paid out.
What’s the fine print?
Premium finance company bonds in Florida can be canceled by the surety if the surety gives written notice of cancellation to the commissioner at least 30 days prior to the effective cancellation date.