To own and operate a title agency in Florida, the state requires the owner to obtain a title agency bond, which is used to protect a title agency's customer, enables the state to enforce laws and regulations upon title agencies, and covers losses to customers if the title agency commits illegal activities or fraud. If a breach of law, fraud, contract breach, or unethical decision causes the customer a financial loss, the client can make a claim against the title agency bond and if approved, the client will be reimbursed. In turn, the title company must reimburse the surety company that issued the bond for the damages paid out to the customer. The State of Florida requires title companies to secure a $35,000 surety bond.
If you are in the market for a comprehensive and affordable bond, our highly-trained and experienced surety agents work diligently to find you coverage to meet your specific needs at an affordable price. To learn more about Florida title agency bonds and receive a free bond quote, contact us at The ProSure Group today!
All title agencies in Florida are required to hold a surety bond and a fidelity bond for licensure. Without these bonds, title agencies can not operate within the government regulations. One title agency bond is required per title agency. If applicable, all affiliated branches are covered under the main offices' bond.
There are several factors that contribute to the cost of the surety bond, including, credit score, company assets and liquidity, and more. Depending on the person's overall financial profile, the bond price could be between 1% and 5% of the bond amount. In Florida, title agencies are required to obtain a bond amount of $35,000.
Contact The ProSure Group! Our team of trusted surety bond experts has over 23 years of experience and has partnerships with more than 30 different surety companies. We can answer your questions on Florida title agency bonds or any other type of surety bond. Please complete our simple application, and one of our specialists will get in touch with you as soon as possible.
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