Florida Surplus Lines Agent Bond Overview
- Purpose: To protect the state and consumers from fraudulent activity by an insurance agents
- Who Needs It: All surplus insurance lines agents and brokers in Florida
- Regulating Body: The Florida Department of Financial Services, Division of Agent & Agency Services - Bureau of Licensing
- Bond Amount: $50,000
- Premium Price: $500 for a 1-year term
What Is a Florida Surplus Lines Agent Bond?
Florida surplus lines agent bonds secure consumer investments if a company defaults and holds agents accountable for correctly reporting all collections.
The surety bond protects clients and the state from financial harm by backing the surplus lines agent for claims up to $50,000.
How Much Do Surplus Lines Agent Bonds Cost in Florida?
The $50,000 surplus lines agent bond costs $500 for a one-year term. Or you can get a three-year term for $1,250 — saving 25% and time on renewals. Click below to buy online in minutes.
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
How Does a Florida Surplus Lines Agent Bond Work?
As with all surety bonds, this bond creates a legal contract between three parties: a principal, obligee and surety.
| Bond Party | Description |
|---|---|
| 1) Principal | The surplus lines agent filing the bond |
| 2) Obligee | The Florida DFS, Division of Agent & Agency Services - Bureau of Licensing |
| 3) Surety | The issuing surety provider |
When you file the bond as the principal, you promise the obligee that you will uphold the terms of the bond. This includes following all state laws, rules and regulations outlined in the contract.
What happens if you break these terms? Your clients or the state can file claims on the bond for reimbursement. The surety will pay valid claims, but then you will have to reimburse the surety.
How Do I Get a Surplus Lines Agent Bond in Florida?
To get bonded, just complete the online purchase by entering your personal and payment information on this page.
The Florida DFI requires the original, physical bond copy, so you’ll select from three-day, two-day and next-day shipping options. We’ll mail the bond documents to you via FedEx. Then, you must file the bond with the obligee.
Can I Get Bonded With Bad Credit?
Yes, Florida surplus lines agent bonds are available to all applicants at a flat rate with no credit check. Bad credit — no problem!
How Do I Renew My Bond?
You can select a one-, two-, or three-year term for your Florida surplus lines insurance agent bond. Before your bond term expires, you’ll get reminders to renew.
Pay the renewal invoice online or over the phone. Then, we’ll provide a continuation certificate. You’ll need to file it with the DFI to maintain coverage. As long as you hold a license, you must have an active bond.
How Do I Update My Bond Information?
If basic information on your existing bond form needs changed, we may be able to update it without issuing a new bond.
Email [email protected] outlining the necessary changes. If eligible, we’ll issue a bond rider document that amends the current bond. This is completely free of charge — you’ll only pay shipping.
How to Become a Surplus Lines Agent in Florida
The Florida Department of Financial Services manages surplus insurance lines licensing. Follow the steps below to apply for your state license if you are a Florida resident:
- Complete the 60-hour pre-licensing course OR complete 1 year of full-time work as an employee of a licensed surplus lines agent
- Be appointed by a licensed agent or agency
- Get bonded
- Submit fingerprints for background check at an IdentoGo location
- Pay the $50 application fee and $5 license ID fee
- Apply online with the DFS
- Pass the state exam within 1 year
- eAppoint yourself in your MyProfile account
Non-residents will have different requirements based on whether or not their home state has license reciprocity with Florida.
If you have more questions, you can email [email protected] for assistance.
