Palm Beach County Contractor License Bond
If your construction business is registered to do business anywhere in Palm Beach County Florida, or any of its’ municipalities, you are required to carry a License Bond that must be renewed before September 30th each year.
License Bonds are a guarantee of payment from an insurance company (usually called the Surety) because of the actions of the business or individual that purchased the bond (usually called the Principal) to a third party, usually called the Obligee, when the terms of the bond are triggered.
In the case of Palm Beach County, the bond responds against “All Loss, Costs, Expenses or Damages Occasioned by the Negligence of Said Principal in Failing to Properly Execute All Work Done by Him or His Employees, or Under His Direction or Supervision” up to the limit of the bond.
The limit of the Palm Beach County Contractor License Bond is based on the type contractor that is getting the license.
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