FLORIDA FINANCIALLY RESPONSIBLE OFFICER SURETY BOND / FRO BONDS

What is a Florida Financially Responsible Officer Surety Bond (FRO Surety Bond)?

Financially Responsible Officer Bond (FRO Bond) is a $100,000 surety bond ($50,000 for individuals who were registered prior to Feb. 1, 2007) that is required to be posted by an officer of a construction company in order to be licensed as the Financially Responsible Officer for the company.

A Financially Responsible Officer is a person that takes on the financial responsibility. Including responsibility for all financial aspects of the business organization and may not be designated as the Primary Qualifying Agent.

The designated financially responsible officer shall furnish:

1. Evidence of the financial responsibility

2. Credit, and business reputation of either himself or herself, or the business organization he or she desires to qualify, as determined by the Construction Industry Licensing Board (CILB)

Surety Bond?

The surety bond is needed when the Qualifying Agent (licensed contractor using their license to qualify a business). The person named by the construction company’s license, is not also the Financially Responsible Officer. Whenever there is a change in FRO, a new application and surety bond must be filed. Although the individual FRO is named as the Principal of the Surety Bond, the construction company is given responsibilities in the form and executes the surety bond along with the Principal.

The Financially Responsible Officer (FRO) is typically the owner (or majority owner) of the construction company. And the Primary Qualifying Agent is typically the license holder that qualifies the company.

If you need and FRO, Surety, or any other type of bond, Contact Us today for your best rates and fastest turn around time. Get your bond now!

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