Proposed Florida Contractor Bond Revision

The state of Florida has proposed a new rule for electrical contractors. The Florida Department of Business and Professional Regulation suggested removing the alternative of a letter of credit as opposed to a surety bond which current law allows. The present law requires contractors to acquire a performance or payment bond of at least $10,000 for specialty certifications and at least $25,000 for an unlimited electrical or alarm certification. The suggested rule would also terminate the need for a surety company to supply a letter declaring that it would write the required surety bond for the contractor.