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Florida Financially Responsible Officer Bond (FRO Bond)

What is a Financially Responsible Officer Bond?

A Financially Responsible Officer bond is a type of commercial license surety bond required in Florida. The Florida Department of Business and Professional Regulation requires that an individual wishing to become the financially responsible officer for a construction business must provide a $100,000 surety bond. The bond must be maintained for as long as the individual holds the financially responsible officer position. FRO bonds are annually renewable.

What does the Financially Responsible Officer Bond do?

A Financially Responsible Officer is personally responsible for all financial aspects of the business. The FRO bond requirement is meant to provide a form of guarantee that the financial aspects of the business are conducted in a manner adherent to applicable state laws and statutes. In situations where a violation occurs within the financial operations of the business, the potential for a claim on the bond arises.

In the instance of a claim on the FRO bond, if the claim is found to be valid, the Surety would have to pay the unsatisfied claim amount up to the penalty amount of the bond. The Surety would then attempt to collect the amount paid on the claim by the Surety from the financially responsible officer. The financially responsible officer is ultimately responsible for any amount paid on a claim.

How much does a Financially Responsible Officer Bond cost?

Financially Responsible Officer bond rates vary depending on the qualification of the bond applicant/s. The rates are determined based on various factors which include credit and financial standing as well.

The best way to get a truly accurate quote for a Financially Responsible Officer Bond is to apply for the bond and let the underwriter review the request and put a quote together.

Viking Bond Service, Inc. will always attempt to get the best rate for any surety bond request. In instances where the rate is high to start due to challenged credit, our renewal department can remarket the bond for a lower rate if there has been an improvement in credit and/or financial standing.

What is needed to apply for a Financially Responsible Officer Bond?

There are no special requirements for applying for the financially responsible officer bond. The required bond form is standard. The $100,000 bond amount is standard as well. If any special requirements are necessary for your specific bond request, an agent will promptly inform you.

How to Get Started with your Financially Responsible Officer Bond request:

  1. Contact us to go over your bond request. Our agents will be able to tell you exactly what may be required to get a good quote for your specific FRO bond request.
  2. Complete an application and send any required documentation. FRO bonds are underwritten on credit and financial strength so a financial statement may be needed as well. An agent will let you know exactly what is needed to get the best quote.
  3. Once the application is received, an agent will work to get the best quote for the request. Typically the quote will be obtained same day to 24 hours.
  4. Once the quotes are received, the most favorable quote will be relayed. All Viking Bond Service, Inc. quotes are FREE with No Obligation.
  5. The last step is to simply pay the premium, provide the MC number, if not already supplied, and receive your Financially Responsible Officer bond.

Request a Financially Responsible Officer Bond Quote:

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