Bonding Requirements for Financially Responsible Officers

Financially responsible officers (FROs) in the state of Florida are currently required to obtain a surety bond as part of their licensing procedure. This surety bond, called a financially responsible officer bond, is required by the Department of Business and Professional Regulation, to protect the state in case of unlawful actions on the part of FROs.

Under the provisions of the bond, FROs are required to meet their financial obligations with the State Treasurer, keep accurate records, and file reports in accordance with state laws. If the FRO fails to comply with these terms, they can face a bond claim which will serve to reimburse the state for the losses it suffers as a result of the FRO’s non-compliance.

Note: a financially responsible bond is required only when the Qualifying Agent is not the same person as the FRO.

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Read on to find out more specific information about this type of surety bond. You can also call us at (866)-450-3412 if you need any assistance.

Financially Responsible Officer Bond Cost

The maximum coverage of this bond is $100,000, meaning that this is the maximum compensation that can be demanded from the FRO and the bonding company in case of a breach of the bond agreement.

To get bonded, FROs must pay a premium on that amount, which mostly depends on the applicant’s credit score. Those with good credit (above 700) typically pay between 1% and 3%, while applicants with bad credit pay between 3% and 10%. On a yearly basis, this means payments are between $1,000 and $10,000. Consult the table below or use our free bond cost calculator on the right for an estimated quote based on your credit score.

Surety Bond Cost Based on Credit Score
Bond Type Surety Bond Amount Above 700 Between 650-699 Between 600-649 Below 599
Florida Financially Responsible Officer Bond $100,000 $375-$750 $500-$1,250 $1,250-$2,500 $2,500-$5,000

Keep in mind that these estimations are based on the applicant’s credit score alone. The underwriting process often calls for the submission of additional documentation. For example, the surety might want to look at the strength of your finances and your previous work experience.

Our surety bond cost guide contains more information on topic, including some useful tips on reducing your premium.

Getting This Bond With Bad Credit

Don’t worry if you have a low credit score. While it may require additional paperwork, you can still obtain a financially responsible officer bond.

Since applicants with a low credit score (a FICO of 650 or less) are considered as higher risk, their premiums can be reach up to 10% and sometimes more. However, with our Bad Credit Program, you can still get bonded in almost every case. What’s more, thanks to our partnerships with over 20 A-rated and T-listed bonding companies, we make sure you get the lowest possible rate for your specific credit and financial situation.

Start Your Bond Application Today!

You’re just a few minutes away from a free bond quote on your financially responsible officer bond. All you have to do is submit our one-page online application.

You will then speak to one of our agents, who will also be available to answer any questions you may have. You will be asked to provide ownership information so you can receive a more accurate bond quote. After we help you complete all the paperwork, we’ll proceed with getting your bond signed.

Usually, your bond will be issued between 24 and 48 hours later.

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  • The lowest possible rates
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  • Access to specialty programs, not available to small agencies

Financially responsible officer bonds in Florida must be renewed annually. The renewal process is simple, especially if you haven’t had claims in the past year or major changes in your credit or finances.

Getting a Financially Responsible Officer License in Florida

The State of Florida has a number of pre-licensing requirements you must satisfy before you can obtain the license. Here are some of them:

  • Submit electronic fingerprints
  • Submit credit report
  • Pay applicable fees
  • Complete Application Form DBPR CILB-8
  • Provide proof of satisfaction of liens, bankruptcies or judgments.
  • Other supporting legal documentation

Be sure to always check with the Department of Business and Professional Regulation for the most up-to-date licensing and bonding requirements.

About the author:
Todd Bryant
Todd Bryant is a graduate of Germantown Academy and the University of Pittsburgh College of Business Administration Honors College. He has been President of Bryant Surety Bonds, Inc., an A+ rated Business with the Better Business Bureau, since 2007. Licensed as a producer with the Department of Insurance, he has been published in the National Association of Surety Bond Producers newsletter and on numerous authoritative publications such as The Washington Post,, and many more.