In accordance with 49 CFR 383.75, Third Party Administrators who are not entities of state or local government or public school districts shall secure and maintain a Performance Bond guaranteeing all terms and conditions and other requirements set forth in the signed Third Party Administrator Agreement with FLHSMV will be fulfilled. The Performance Bond is required before an applicant can get a license to administer commercial driver license tests.
Per the requirements set by the Florida Department of Highway Safety and Motor Vehicles (FLMSMV.gov), the amount of the Third Party Administrator Performance Bond is determined by the number of individual tests the Third Party Administrator expects to conduct annually. For purposes of determining the bond amount, the pre-trip inspection, basic control skills, and driving test count as three (3) separate tests.
Due to the large bond amount, the price an applicant will pay is subject to underwriting consideration, meaning the applicant's rate will be primarily based on credit. Applicants who are well qualified may be approved for as little as 1% to 3% of the total bond amount, meaning a $100,000 Third Party Administrator Performance Bond may cost as little as $1,000.
To find out the exact cost of your Florida Third-Party Administrator Bond, submit your Free Quote Request today!
Contact The ProSure Group. As surety bond experts in business for over 30 years, The ProSure Group has issued numerous bonds of this type and has partnerships with more than 30 different surety companies. This ensures that we get you the best, most competitive pricing, and terms available in the marketplace. You just need to complete our simple application and one of our specialists will quickly contact you.
Our straightforward approval process ensures that applicants can secure their Third-Party Administrator Bond with:
ProSure Group also writes:
Assembly Bill No. 39
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