As construction growth continues across several parts of Florida, construction firms located out of state are pursuing opportunities to participate in projects here. However, before they can proceed, out-of-state contractors must work with firms licensed in Florida and fulfill special bonding requirements.
According to the Florida Department of Business & Regulation, contractors must obtain a Financially Responsible Officer (FRO) bond payable to the Construction Industry Licensing Board in the amount of $100,000 for each officer designated as financially responsible for the firm’s business. Even though pricing of the bond depends on credit score of the officer for whom the bond is obtained, it can vary significantly from one surety carrier to another. A skilled surety agent can make the application process easy and quickly obtain a competitively priced bond.
Further, not all sureties offer Florida FRO bonds, so it’s important to work with an agent who understands the construction surety marketplace and can assist with the FRO bond as well as other bonding needs, including performance bonds, payment bonds, and maintenance bonds.
Unique Surety has relationships with several surety carriers that provide FRO bonds. They can take the application over the phone and place it with the carrier online. Payments can be made by credit card and the bonds often can be obtained within an hour or less with delivery by email or overnight service to satisfy bonding requirements.
For expert and timely assistance in procuring FRO and other construction bonding, contact Unique Surety at 1-561-429-3600 x 1001.
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