Select A Bond By StateSelect A Bond TypeRequest A Free Quote
Florida Prescription Drug Wholesale Distributor Surety Bond
This bond is also known as: FL Prescription Drug Wholesale Distribution Broker Bond and FL Out-of-State Prescription Drug Wholesale Distributor Bond.
What is a Florida Prescription Drug Wholesale Distributor Bond?
A Florida Prescription Drug Wholesale Distributor Bond is a surety bond that must be posted in order to obtain a permit to operate as a prescription drug wholesale distributor in the state of Florida. The Florida Department of Business and Professional Regulation (DBPR) issues three different permits for wholesale distributors, all of which require a surety bond. The three permits are:
Prescription Drug Wholesale Distributor: wholesale distributors located in Florida that engage in wholesale distribution in Florida.
Prescription Drug Wholesale Distribution Broker Only: wholesale distributors that engage in wholesale distribution in Florida without taking physical possession of prescription drugs.
Out-of-State Prescription Drug Wholesale Distributor: wholesale distributors not located in Florida that engage in wholesale distribution into Florida.
The amount of the surety bond is calculated using the annual gross receipts of the applicant’s previous tax year. If the applicant has:
annual gross receipts greater than $10 million then the surety bond equals $100,000.
annual gross receipts less than $10 million then the surety bond equals $25,000.
Due to the risk from the perspective of the bonding company, Florida Prescription Drug Wholesale Distributor Surety Bonds are very carefully underwritten and priced accordingly. Part of the cost of this bond will be the time and effort needed to provide the documentation and information the bonding company will require. In all cases, personal credit, personal financials, and business financials will be required. Of course, we can typically handle all credit types and financial situations — from excellent to poor — as such those terms vary.
Florida Prescription Drug Wholesale Distributor Surety Bonds can be written for as low as 1% of the bond amount when applicants have good credit (generally 680 FICO or higher), good personal financials, good business financials, and good industry experience. So for example, a $100,000 bond could cost as low as $1,000.
Florida Prescription Drug Wholesale Distributor Surety Bonds are in place to ensure compliance with the requirements of and for wholesale distribution of prescription drugs as set forth in Florida Statutes, Chapter 499, also known as the Florida Drug and Cosmetic Act. The surety bond also guarantees the Principal (distributor) will pay any administrative penalties, fees and costs incurred by the Obligee (DBPR) regarding that permit.
Florida Prescription Drug Wholesale Distributor permits are regulated and administered by the Florida Department of Business and Professional Regulation (DBPR). As required by Florida Statutes, Section 499.012, a surety bond must be submitted before a distributor can operate within the state. The Obligee on the bond is the State of Florida, Department of Business and Professional Regulation (DBPR).
Florida Prescription Drug Wholesale Distributor Surety Bonds run continuously from the effective date in full force and effect until one year after the Principal’s distributor permit expires. The bonding company will renew and bill for the bond on an annual basis. The bond may be canceled by the Surety by giving 60 days written notice to the Obligee (DBPR). The Obligee may also terminate the bond by giving 60 days written notice to the Surety.
Contact The ProSure Group. As surety bond experts in business for over 23 years in Florida, The ProSure Group has issued numerous Prescription Drug Wholesale Distributor 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.