Financially Responsible Officer Bonds: What You Should Know

The State of Florida requires that a bond is in place with applications for the financially responsible officer of an organization. But where do you start?

There are many situations that can create this need. Perhaps there is a change of ownership within an organization, the loss of a licensed qualifier, or a change of company principals. In either case, the requirement is the same.

The Florida Department of Business and Professional Regulation has a bonding requirement of $100,000. The requirement was lowered to allow for more officers and qualifiers to acquire the bond necessary for licensing.

An applicant in Florida needs to have a good credit score, and there is a requirement of no tax liens or bankruptcies. There is an excellent success rate in receiving this bond, and Bob Barra Bonds works within a high quality network of providers.

The Florida Financially Responsible Officer Bond (also known as the FRO Surety Bond) is intended to provide a way for the Florida Construction Industry Licensing Board to recoup fines and other costs in accordance with the Florida Administrative Code.

Bob Barra often points out to applicants that the standard rate for Florida Financially Responsible Officer Bonds is 2% for most applicants although lower rates are available for the most qualified of applicants.

Bob Barra Bonds in Coral Springs, Florida can provide further information at no obligation.

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