Popular Surety Bonds in Miami, Florida
Overview of Miami Surety Bonds
If you want to open a business, such as a dealership or obtain a particular professional license in Miami, you may be required by the city or the state to get a license bond. This is the case for auto dealers, contractors, insurance and freight brokers, and others.
Contractors performing work on public projects in the city of Miami or in Miami-Dade County may be required to post a contract bond. For example, a standard surety bid bond is required by Miami-Dade County by contractors bidding on a construction project - its amount has to be 5% of the total bid price for construction.
In certain cases, courts in Miami may also required individuals to post a court bond. This is required in cases when appeals are made or a fiduciary is appointed.
The purpose of all these surety bonds is to provide protection to the city of Miami and the public, that bonded businesses will comply with local rules and regulations such as the Code of Miami-Dade County.
The form of protection offered by the bonds is financial compensation in cases in which contractors violate the Code, and other state laws, and cause harm or losses to the state or public. In this case, a claim can be made against their bond to repay those parties, up to the full penal sum of the bond.
First time getting bonded? For newcomers, our detailed ‘What is a surety bond’ guide may be useful. Have a look!
See below for an explanation of how much your bond may cost, and how to apply for your bond today.
We are available to speak to you at 866.450.3412 if you have any bond-related questions or require more information about a particular bond in Miami.
Surety Bond Cost in Miami
The cost of your bond is a percentage of the full amount of the bond you are required to get. If you are getting an auto dealer bond, for example, its full amount is $25,000 in Florida. The cost of getting this bond will be a fraction of that amount.
Bond cost is determined by the surety you apply with. Sureties look at applicants’ credit scores, first and foremost, but also consider other personal financial information that can tell them how financially stable an applicant is. Applicants who have high credit scores, which is a score of 700 FICO and above, are considered applicants with good credit and are offered low rates.
Rates on bonds vary, depending on the type of bond, but are generally between 1% and 3% for high credit applicants. If you want to get a free quote on your bond and further information about getting bonded, submit a surety bond application and we will contact you shortly.
Bonds With Bad Credit
A low credit score is no obstacle to getting a bond!
Our Bad Credit Program is designed to accommodate those applicants whose credit scores do not allow them to qualify for standard market rates.
Due to their lower scores, applicants under this program must usually pay higher rates. This is necessary in order to make up for the greater risk assumed by sureties. But even under this condition, our clients always receive the best possible options we can secure for them from our many expert bond partners.
For more information or to request an exact quote on a bond under this program, see the program page!
Apply for Your Bond Now!
Start your application for your Miami surety bond by completing our bond form.
We’ll get in touch with you shortly to provide you with a free quote, along with further details on how to complete your application.
Once you provide us with all the necessary information, your bond will be issued within two working days. Once it is issued, we will immediately send it on its way to you via standard mail. We will also provide you with a digital copy.
If you have any questions about the bonding requirements in Miami or require assistance with your application, get in touch with us at 866.450.3412!