Florida Reduces Bond Amount for Some Wholesale Drug Distributors

Smaller bond amounts for wholesale drug distributors in Florida

 

Florida has decided to reduce the bond amount required for some wholesale drug distributors operating in the state. Per Senate Bill 1604, there will be a reduced bond amount required for smaller distributors, while the current bond amount of $100,000 will stay in place for larger distributors. Larger distributors will be defined by those with annual gross receipts exceeding $10 million, and as such they will still be required to furnish the $100,000 bond. Any distributors with $10 million or less in annual gross receipts will only be required to post a $25,000 bond.

This alternative bond amount may come as a relief to many distributors operating out of Florida, as the $100,000 bond has proven to be quite expensive at times depending on the financial strength of the business owner. The 75 percent reduction to a $25,000 amount for smaller distributors will naturally be more affordable, and should also be quicker and easier to obtain, as it will require less stringent underwriting than the full $100,000 amount.

If you wish to obtain a surety bond, you can do so by using our online application or call us at (877)514-5146. 

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Victor Lance is the founder and president of Lance Surety Bond Associates, Inc. He began his career as an officer in the U.S. Marine Corps, serving two combat tours. As president of Lance Surety, he now focuses on educating and assisting small businesses throughout the country with various license and bond requirements. Victor graduated from Villanova University with a degree in Business Administration and holds a Masters in Business Administration (MBA) from the University of Michigan's Ross School of Business.