Florida Premium Finance Company Bond

Florida Premium Finance Company Bond

To become a licensed premium finance company within the State of Florida, the Office of Insurance Regulation (OIR) offers the $35,000 Premium Finance Company Surety Bond to applicants as an option for meeting their financial requirements.

QUOTE

Jet Insurance Company provides the Premium Finance Company Bond as a financial assurance to the OIR that the owner and employees of the premium finance company will follow all license regulations. If violations occur due to negligence, dishonesty, or fraudulent behavior, the surety bond may act as a means of restitution by any damaged party.

What Is the Cost of the Premium Finance Company Bond?

The cost of the Premium Finance Company Bond is a percentage of the $35,000 limit and is based on the creditworthiness of the company owner. For instance, Jet’s prices start at $350 annually or just $35 a month.

At Jet, we also offer discounted multi-year plans. The price chart below illustrates our preferred credit tier rates at various bond terms. Take a look!

Bond TermCost
Monthly$35
1 Year$350
2 Years$613
3 Years$875
FL Premium Finance Company Bond Pricing

You won’t have to worry about renewing your bond annually if you go with our monthly plan. Your bond will remain active as long as payments are fulfilled each month and until cancellation is officially sought.

Who Needs the Florida Premium Finance Company Bond? Why Is it Required?

According to the Florida Office of Insurance Regulations, licensed premium finance companies must maintain a net worth of $35,000 at all times. However, if you are a new company that has not achieved this kind of financial status yet, you have the option of obtaining a $35,000 Premium Finance Company Surety Bond in order to be licensed and to maintain it (a net worth of at least $10,000 is required though). 

Due to your company being a little low on cash, the Premium Finance Company Bond is required to ensure that your business upholds all license rules and obligations. And if a violation occurs, those who have suffered financial losses will have available funds via the surety bond to act as a means of recompense.

How to Apply for the Premium Finance Company License Bond With Jet

Our online application for the Florida Premium Finance Company takes only a few minutes of your time. To begin, fill out the necessary fields (e.g. your contact details and social security number). Once submitted, Jet will run a quick soft credit check, and you’ll receive approved rate options that are available for immediate purchase. All you need to do is choose the right payment plan for you and complete your purchase. You will then receive a copy of your receipt and bond form instantly. 

How Does the Premium Finance Company Bond Get Filed to the Florida OIR?

Our team at Jet can file your bond for you free of charge! Of course, you also have the option to file the bond form, and any other licensing paperwork, yourself. Just choose what works best for you at checkout.

The original signed and sealed Premium Finance Company Bond must be submitted to the Florida Office of Insurance Regulation at the mailing address listed below. 

Florida Office of Insurance Regulation
Company Admissions
200 East Gaines Street
Tallahassee, FL 32399

If you are a first-time license applicant, take a look at the OIR’s Application for License Premium Finance Company (instructions are included in the packet).

Learn More About Surety Bonds

How to Renew My Bond

Jet has created an efficient and hassle-free renewal process. Check out how you can renew your bond.

How to Cancel My Bond

Cancel your bond with Jet easily and at any time. But there are more details you should be aware of.

Bond Claim Process

Have a Premium Finance Company Bond claim? Read about how they happen, how to avoid and Jet’s claim process here.

Florida Premium Finance Company Bond Form Example

Florida Premium Finance Company 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: