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.
Eric is the Chief Marketing Officer of JW Surety Bonds. With years of experience in the surety industry, he is also a contributing author to the surety bond blog.