Florida Financially Responsible Officer Bond

Florida Financially Responsible Officer Bond

To be approved for, and to maintain, licensure as a Financially Responsible Officer (FRO) in the State of Florida, the Construction Industry Licensing Board requires a $100,000 Financially Responsible Officer Bond of the applicant. Financially Responsible Officers (FRO) are designated by construction companies to do exactly what it sounds like—oversee the financial responsibility of the business. 

Jet Insurance Company provides the Financially Responsible Officer Bond at the lowest rates anywhere! Get a quote in minutes and save!

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It’s a little ironic that the Financially Responsible Officer has to further prove their financial responsibility through a surety bond, but this additional requirement simply ensures that the FRO will be held liable for the company’s actions and damages will be covered by the provider (Jet) regardless of the FRO’s lack of funds…and judgment.

What Is the Lowest Price for the Financially Responsible Officer Bond?

At Jet, approved rates for a Financially Responsible Officer Bond are a small percentage of the $100,000 limit and are based on the personal credit score of the applicant. Prices start at $625 for a one-year bond term or just $63 a month.

Further pricing at various bond terms can be found in the chart below.

Bond TermCost
Monthly$63
1 Year$625
2 Years$1,094
Florida FRO Bond Pricing

If you are looking for convenience when it comes to purchasing and maintaining a surety bond, Jet’s monthly and multi-year payment selections are great options to choose from. Specifically, the monthly term, as your bond will remain active with the Board as long as payments are fulfilled or until cancellation is sought.

We were told by the Licensing Board that FRO application received prior to 2007 only need a $50,000 limit bond. If this is the case call Jet at (850) 848-1120 to obtain your bond. Rates for that bond limit start at $38 monthly or $375 annually.

The Florida Financially Responsible Officer Bond Process With Jet

Jet’s application for the Financially Responsible Officer Bond may be completed online. To begin, some general information is needed such as your contact details, social security number for a soft credit check (this won’t have an impact on your score), and the name of the construction company you will be acting as a FRO for. 

Once submitted, you’ll receive an approved rate that is ready for immediate purchase. Simply choose the bond term that works best for you and fulfill the payment. You’ll then receive a copy of your receipt and bond form via email instantly. It’s that easy!

The signed and sealed Financially Responsible Officer Bond form, along with the License Application for Financially Responsible Officer, must be submitted to the Florida Construction Industry Licensing Board through the Department of Business and Professional Regulation’s Application Center. You are expected by the Board to hold onto the original form for your personal records (following your purchase with Jet, you’ll receive the original signed and sealed bond form in the mail).

If you have any questions or concerns regarding the FRO application process, the Board’s mailing address and contact details can be found listed below.

Division of Professions
Construction Industry Licensing Board
2601 Blair Stone Road
Tallahassee, FL 32399
850-487-1395

It is important to note that if you are planning on acting as a FRO for more than one construction company, a separate Financially Responsible Officer Bond and license application is needed for each business. 

How Does a Financially Responsible Officer Avoid Bond Claims in Florida?

According to Title XXXII, Chapters 455 and 489 of the Florida Statutes, a Financially Responsible Officer is expected to take on all financial aspects of the construction business, which includes final authority over contracts, payroll, account records, lawful reporting, and general payments regardless of the form of payment (i.e. checks, direct deposits, digital payments, cash, etc.). 

If the Financially Responsible Officer commits a license violation, such as not paying an employee for their work or failing to pay all taxes due to the state, a claim may be filed upon the Financially Responsible Officer Bond. 

Official complaints are reviewed and investigated by the Construction Industry Licensing Board, and if found to be justified, the Board may file a claim against the bond on behalf of the damaged claimant. However, this will only occur if the FRO is unable or unwilling to fix the violation. 

If a claim is officially filed, Jet should receive notice of such in the mail. Once received, the Jet team will immediately contact the FRO for all available information on the alleged violation and Board proceedings. These details are used for our own review and investigation into the claim.

Per the Financially Responsible Officer Bond form, valid claims are paid up to the bond’s limit (claim payouts will never exceed the total liability covered by the bond). The FRO will then be expected to reimburse Jet for the claim that was paid on behalf of their license violation (as all surety providers require).

Surety bonds are often confused with insurance, while they are more like a line of credit. Jet provided the FRO a $100,000 line of credit with the hopes that the licensee would not have to use it, but once they did, it is expected of them to refill that line of credit back up. Failure to do so will lead to future difficulties in obtaining a surety bond which is often required to work in various fields of the construction industry. 

Are There Other Bonds That a Financially Responsible Officer Needs?

If you are working in the construction industry as a licensed contractor, you may need a Construction License Bond.

Read More About Your Required Bond

How to Renew My Bond

For annually-purchased bonds, see Jet’s process to renew your bond. Hint- it’s simple.

How to Cancel My Bond

See the details surrounding cancelling your bond.

Florida Financially Responsible Officer Bond Example

Florida Financially Responsible Officer Bond Form

Notary Bond Application:

X

Business Information:

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information:

Employee Dishonesty Bond Application:

Business Information:

Business Description:

Coverage Requirements:

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information:

Contract Bond Application:

X

Business Information:

Owner Information:

Job Details:

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information:

Worker's Compensation Application:

X

Business Information:

Business Description:

Coverage Requirements

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information: