Florida Financially Responsible Officer Bond
What is a Financially Responsible Officer?
In Florida, a Financially Responsible Officer is defined as a person other than the primary qualifying agent who, with the approval of the licensing board, assumes personal responsibility for all financial aspects of the business organization. The Financially Responsible Officer has final approval authority on all business matters, including contracts, specifications, checks, drafts, or payments, regardless of the form of payment made by the business entity.
Basically, a financially responsible officer is a person that assumes all financial responsibilities for the construction business but is not the same person who assumes the responsibility for all construction activities for the business.
Who needs a Financially Responsible Officer bond?
Individuals who are responsible for the accounting, reporting, and other fiduciary responsibilities for a construction company in the State of Florida and are not the primary qualifying agent, aka qualifier.
What is the limit required for a Financially Responsible Officer bond?
According to the Florida Administrative Code 61G4-15.0021, the Financially Responsible Officer is required to provide a bond or irrevocable letter of credit in the amount of $100,000.
How much does a Florida Financially Responsible Officer bond cost?
That’s easy, it costs $1,000. Through a special partnership with Dopazo Insurance and Propeller Bonds, you can buy and instantly issue your FRO Bond right now. Just click on this link: Buy Now!
Why choose Dopazo Insurance for your Financially Responsible Officer bond?
Dopazo Insurance doesn’t just specialize in bonds. We can help you with all of your construction insurance needs. General Liability, Workers Compensation, Commercial Auto, Builders Risk, Equipment Floater. You’re busy running your business. We can be your one phone call for all your insurance and bonding needs.
Does Dopazo Insurance offer other types of bonds?
Of course, we can help with any of your construction bonding needs, including bid bonds, contract bonds, and license bonds.