Florida Financially Responsible Officers (FROs) must acquire a bond as a means of insurance to back financial obligations that could result from construction work. The bond is paid to the CILB (Construction Industry Licensing Board), in the amount of $100,000, but good credit allows for a bond at lower cost.
Bob Barra Bonds points out that FRO bonds are essentially a commercial license surety bond in the State of Florida. The State requires this bond and they are renewed every year.
A Financially Responsible Officer is personally responsible for all financial affairs related to the business. The FRO bond is intended to guarantee that the financial activities of the business are conducted in accordance with applicable state laws. The financially responsible officer is, in the end, responsible for amounts paid on a claim.
Insofar as the cost of acquiring this type of bond, the best approach is to simply apply for it, allow for an underwriter review, followed by a subsequent quote.
There are no specific or special requirements to apply for the financially responsible officer bond and the bond form is a standard one.Bob Barra Bonds will review your request and provide a timely, realistic quote based on your current needs.