Florida Pari-Mutuel Wagering Bond

Florida Pari-Mutuel Wagering Bond

A $50,000 Pari-Mutuel Wagering Bond must be held by Pari-Mutuel Wagering Permit Holders engaging in horse racing, harness horse racing, cardroom poker games, and jai alai games. The bond provides a financial guarantee that license fees and taxes will be paid to the Department of Business and Professional Regulation, Division of Pari-Mutuel Wagering in the permit holder’s failure.

APPLY FOR YOUR BOND

Buy your bond with Jet Insurance Company to assure the Department of Business and Professional Regulation that all revenues due to the State will be collected.

What Is the Lowest Price for the Pari-Mutuel Wagering Bond?

A Pari-Mutuel Wagering Bond costs as low as $50 a month or $500 per year with Jet. Keep in mind that this is just a starting cost and rates are subject to credit approval and an evaluation of financial statements. The chart below illustrates what a preferred-credit applicant would be approved for at different payment options.

Bond TermCost
Monthly$50
1 Year$500
2 Years$875
3 Years$1,250
Florida Pari-Mutuel Wagering Bond Rates

Jet has a unique feature of paying for the bond on a month-to-month basis (for approved applicants). You can choose to pay whichever way is easiest for you: monthly or by purchasing multiple years at a time.

The Florida Pari-Mutuel Wagering Bond Process With Jet

Applying for a Pari-Mutuel Wagering Bond is easy with Jet! Our application only takes a minute to complete, putting in basic business information and a social security number (that’s used for a soft credit check and won’t impact your credit score). Once it’s submitted, a Jet underwriter will reach out to you for business financial statements. After the evaluation is complete, you’ll be sent an emailed quote that is ready for purchase. Jet will send you an emailed copy of your bond and a receipt after payment has been processed. 

After Jet prepares your Pari-Mutuel Wagering Bond form for you, the original copy will be mailed directly to you. You will be responsible for submitting the bond to the address below: 

DBPR
Division of Pari-Mutuel Wagering
Licensing Section
2601 Blair Stone Rd
Tallahassee, FL 32399-1037

The Pari-Mutuel Wagering Bond will stay in effect until the expiration date listed on the bond form. You can continue your bond coverage with a continuation certificate (aka bond renewal).

Jet will send you a notice near the end of your bond term, reminding you it is time to renew. Since the rate is based on credit and financial statements, you may need to submit financial information to verify your rates for the new term. Jet will send you an invoice for your renewal via email and mail. You can complete your payment for renewal through the mailed or emailed invoices or by calling our office at (855) 296-2663. 

For those doing monthly payments, financial information will still need to be verified annually. If the financial situation is the same, the monthly payments will continue as scheduled. If there is a change, Jet will let you know of any increases or decreases through the mail and email.

How to Cancel My Bond

If you need to cancel the Pari-Mutuel Wagering Bond before the expiration date, find out how by clicking here.

How Does a Permit Holder Avoid Pari-Mutuel Wagering Bond Claims?

Those who hold a Pari-Mutuel Wagering Permit are expected to follow the Florida Statutes, Chapter 550 and the Florida Administrative Code, Chapters 61D-2 through 10. And, the terms of the Pari-Mutuel Wagering Bond cover the permit holder’s failure to do the following: 

If the permit holder fails to abide by these actions, the Director of the Division of Pari-Mutuel Wagering can make a demand against the surety for the permit holder’s nonpayment of gaming fees and taxes. The demand may be the amount of the default and can include fines or administrative penalties, as long as the total does not exceed the $50,000 bond limit. 

When Jet receives a claim on the Pari-Mutuel Wagering Bond, our team will check if the claim is valid. But typically when a government entity is submitting the claim, they will be able to back up their claim and Jet will need to fulfill the terms of the bond and pay out damages or indebtedness. 

This doesn’t leave you off the hook if you were subject to a claim—following a claim payout, you will need to pay Jet back in the amount that was paid out. This is the case with all surety bond companies.

Are There Other Bonds Related to the Pari-Mutuel Wagering Bond?

A totalisator may be operated at pari-mutuel facilities as long as the totalisator company (or tote company) is licensed. A totalisator company will need to file a $250,000 performance bond as a safeguard against financial loss of state revenue; nonpayment of state revenues will cause the Department to take action against the bond, in which payment shall be placed into the Pari-Mutuel Wagering Trust Fund. Please call (855) 296-2663 if you are looking for this requirement.

Florida Pari-Mutuel Wagering 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: