Surety Bond News

Surety bonds help separate legitimate businesses from disreputable ones. When a company cannot or avoids obtaining bonds needed to run a legal business, it’s usually a bad sign. (more…)

Trustees of the new Citrus County Hospital Board are impacted by a new bill in Florida. The bill is named HB 1043 and establishes the Citrus County Hospital Board in which all of the trustees of the Board must obtain bonds. Each trustee must acquire a $5,000 bond. The new law became active July 1, 2011.

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.

Surety bonds are important to thousands of American businesses ranging from health clubs to auto dealers; for many, a surety bond is required of them in order to operate their business legally. Unfortunately for Florida auto dealers , surety companies may pull out of the state all together due to attorney’s exploiting state law to feed their own monetary appetite.
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The state of Florida has enacted new legislation that broadens the exclusion concerning commercial insurance and filing requirements. The new law, which is named SB 99, exempts surety from the rate filing requirements; but keep in mind that surety is different from traditional insurance; also affected is burglary and theft.