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The Financially Responsible Officer Bond (FRO Bond) is required to be posted by the CILB and is needed in order to insure financial obligations that may result from construction work or fines and costs. The surety bond ensures the officers of the company act in compliance with all laws and regulations, have business practices which are conducted in conformity with the rules of the Department of Business and Professional Regulation, and ensure the keeping of records, the making of reports, and the payment of any funds which may be required by the State of Florida Pursuant to Rule 61G4-15.0021, Florida Administrative Code.
The Department of Business and Professional Regulation (DBPR) administers all business licenses. Within the department, the Construction Industry Licensing Board (CILB) and its authority have been created by Florida Statutes Chapter 489. The Obligee on the bond reads as the Florida Construction Industry Licensing Board.
The FRO bond does run from the effective date until it is canceled, which can be done with 30 days notice from the bonding company. However, the bonding company will monitor and continue to renew the bond on an annual basis assuming there are no significant changes in credit or claim activity. Typically a Renewal Notice is sent out 90 days prior to the anniversary/renewal date.
Contact The ProSure Group. As surety bond experts in business over 23 years in Florida, The ProSure Group has issued hundreds of FRO bonds 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.
What you will need to submit to obtain your license:
|License||Florida Financially Responsible Officer (FRO) Surety Bond||Florida Construction Industry Licensing Board