Popular Surety Bonds in Orlando, Florida
Overview of Orlando Surety Bonds
The City of Orlando Code and the Florida Statutes require a large number of businesses to obtain a license surety bond in order to operate in the city. This includes auto dealers, contractors, alcohol and cigarette distributors, to name a few.
Surety bonds are required of such businesses when they get licensed, to guarantee that they will comply with the legal requirements and perform business honestly and faithfully. For example, state regulated contractors require a surety bond in an amount of at least $5,000, whereas specialty contractors that are not regulated by the state will need a bond in an amount of at least $1,000.
Orlando contractors are also required to obtain additional surety bonds, so-called contract bonds, when performing work in the city of Orlando in order to guarantee that they will perform such work in accordance with their contract. This include performance, payment and maintenance bonds pursuant to §65.561 and §65.563 of the City of Orlando Code.
Bonds may also be required by certain courts in Florida or Orlando. Such bonds are needed when individuals want to appeal a court decision or when a court is appointing a fiduciary, and requires them to provide a financial guarantee.
The point of all these different types of bonds is to provide a financial guarantee for the bonded individual or license. If the conditions of the bond are violated by the bonded party, anyone who suffers harm or losses as a result can file a claim against the bond and receive compensation as much as the full amount of the bond.
Want to know more about surety bonds? See our ‘What is a surety bond’ guide for a full overview of what bonds are and how they work.
See below for further information regarding the cost of bonds in Orlando, getting bonded with bad credit bond, and how to apply for your bond.
If you’d rather speak to someone personally, call us at 866.450.3412 for any bond-related questions!
Cost of Surety Bonds in Orlando
The cost of your bond depends on the amount of the bond you need to submit, and on your personal credit score (and certain other financials). The amount of your bond is the sum that you need to pay a percentage of.
That percentage, or rate, is determined by your personal credit score, as the most important factor, but also your financial statements, assets, liquidity and more. Typically, the higher your credit score - the lower your rate.
Say you want to get a Florida auto dealer bond which is $25,000. If you have a high credit score, one of 700 FICO or above, you are likely to be offered a rate by the surety bond ranging between 1% and 3% of the total amount. In other words, to get this bond you’ll have to pay somewhere between $250 and $1,000. The same logic applies to all other types of bonds, though rates and percentages vary by bond type!
Find out how much you will need to pay for your bond by completing our bond application form. Quotes are entirely free and with no obligations attached. If you like the rate you get, we’ll provide you with further details about finalizing your application.
Bad Credit Bonds
Even if your credit score is not perfect, you can still easily get a bond!
Our Bad Credit Program enables applicants with lower credit scores to get bonded by the same expert sureties. Rates under this program are slightly higher but every applicant is provided with the lowest possible rate that is available through our surety partners. The only exception are contract bonds which are not issued under this program.
Find out more or get a free quote by visiting the program page!
Get Bonded Today!
Need a surety bond in Orlando? Complete the bond form below and we will shortly provide you with a free quote and further information.
Once you have completed the application process, your bond will be issued within two work days. We will then send you your bond via email as well as standard mail.
Call us anytime at 866.450.3412 for further information about getting bonded in your city. We are here for you!