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Surety Bonds in Florida

Surety Bonds in Florida

Viking Bond Service is here to help your business secure the right surety bond. Our expert knowledge, quick approval rate, and friendly service help make Viking Bond the premier choice for all of your Florida surety bond needs. As surety bonds are often required by state and federal regulations we understand that it's important to get the bond you need when you need it. That's why we aim to provide quotes for all surety bond applications on the same day that the application is received.

How Does a Surety Bond in Florida Work?

No matter what kind of surety bond you need (there are dozens of different types), there will be three parties involved:

  • The Principal – Obtains the bond and pays for any claims filed against it.
  • The Obligee – Files claims for damages if the principal does not meet the bond terms.
  • The Surety – Guarantees the obligee a settlement for valid claims. The principal must then repay that same amount plus interest and fees. The surety is only an intermediary – the principal always has financial liability for claims.

Why Do Florida Surety Bond Requirements Exist?

Surety bonds serve an important purpose. And despite how it may seem, they benefit all involved. Here's why these requirements exist:

  • By holding the principal accountable for misconduct, surety bonds discourage it from happening.
  • Surety bonds create a barrier to entry that professionals and businesses must clear. This keeps disreputable operators from hurting the reputation of the industry and reduces overall competition.
  • When misconduct results in damages, surety bonds provide guaranteed compensation for victims. Knowing that losses will always be covered creates a bond of trust and mitigates risk.

Who Needs a Surety Bond in Florida?

You may need a surety bond if you fall into one of the categories below. However, anyone could need a surety bond at some point in their personal or professional lives. Surety bond requirements are common and apply to potentially hundreds of thousands of people across Florida, including:

  • Professionals or businesses required to get licenses to operate legally. Surety bonds make them responsible for following all applicable state laws and regulations.
  • Construction companies and contractors frequently require construction bonds in Florida under the terms of work contracts. They keep them accountable for various financial losses the property or project owner may experience.
  • People taking part in a civil or criminal trial may be required by the judge to get surety bonds. Those bonds hold the principal accountable when that person doesn't comply with a court's decision.
  • Individuals, especially those with credit challenges, may need surety bonds to help boost their trust and credibility. For instance, Florida utility companies may require a bond before starting service to someone with a record of unpaid bills.

How to Get a Surety Bond in Florida

Florida surety bonds are obtained through a bonding company like Viking Bond Service. To apply for a surety bond in Florida you'll need to complete an application, which varies depending on the type of bond being applied for. Commercial license bonds and permit bonds have the simplest application process and can be completed using our online application. Contract performance bonds require a more detailed application that will be provided by a Viking Bond Service agent. Some applications require supporting documentation to be submitted in order for the quoting and underwriting process to be completed.

The Cost of Florida Surety Bonds

There are many factors that influence the cost of surety bonds in Florida. The major influences on the premium cost are bond type, bond amount, and the financial history of the applicant's business. To determine your premium cost Viking Bond Service will use the information in your application and supporting documents. These supporting documents usually include detailed business financial information, your credit score, and experience.

The bonding company will use this information to calculate the likelihood that your bond will be claimed against. Businesses perceived as a high risk, who may have a poor credit score and limited business experience, will pay a higher premium than those considered low risk. Viking Bond Service can help with all of your surety bond needs, whatever your business history.

Common Florida Surety Bonds

What is a surety bond in Florida? Surety bonds come in many different types that are split into a number of categories. Two common categories of surety bonds in Florida are contract and commercial bonds. Viking Bond Service specializes in all types of surety bonds.

Many businesses are required to have a commercial bond in place to maintain their business license, these are known as commercial bonds, license bonds, or permit bonds. Common license bonds in Florida include auto dealer bonds and contractor bonds.

The other category of common surety bond in Florida is contract bonds. Contract bonds are used to provide a guarantee for contracts. Contract bonds can be claimed against to provide financial recompense should the terms of a contract not be fulfilled. Supply, maintenance, and subdivision bonds are all types of contract bonds used extensively in the industry.

Florida Surety Bonds by Viking Bond Service

Viking Bond Service is one of the premier surety bond companies in Florida and can help you find an affordable bond. Start your application today by calling our team or filling in our online application. Viking bond service can help make your bond application quick and easy!

Request a Surety Bond Quote:

If and when you ever need a surety bond in Florida, make Viking Bond Service the first and only place you contact. Request a quote at any time – it costs you nothing and doesn't obligate you to get a bond. Have questions? Please contact us or feel free to call us at 1-888-2-SURETY (1-888-278-7389).

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