Surplus lines agent bond cost
The Florida Department of Financial Services requires surplus lines agents to post $50,000 surety bonds prior to conducting business.
Some surety underwriting companies might require current business financials and a personal financial statement to underwrite these bonds, so having these documents handy could expedite the bonding process.
Why this bond
Florida surplus lines agent bonds are put in place to ensure that principals (surplus lines agents) conduct business in accordance with the provisions of the Surplus Lines laws, Part IV of Chapter 626, Section 626.913 through 626.937 of the Florida Statutes and abide by all rules and regulations of the Department of Financial Services set by the Chief Financial Officer.
If the principal violates the terms of the surety bond contract, the bond protects the department from financial loss up to the full amount of the bond.
Surplus lines agent bond details
Surplus lines agent bonds in Florida can be canceled by the surety if the surety gives the principal and the department written notice of cancellation at least 30 days prior to the effective cancellation date. Applicants must provide their social security number for this specific surety bond type.
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