Many types of individuals and businesses in the city of Orlando, Florida, need to get bonded. Typically, you have to post license bonds in order to get a city, state or federal license allowing your legal operations.
Most Popular Surety Bonds in Orlando
Just like all auto dealerships in the state, car sellers in Orlando need to post a $25,000 surety bond to the Florida Department of Highway Safety and Motor Vehicles.
Before starting work on construction projects, contractors in Florida have to get licensed with the Department of Business and Professional Regulation. As a part of the process, you have to post a bond between $5,000 and $20,000, depending on the type of license you’d like to get.
Contractors may also need to present bonds to the City of Orlando. The amounts start at $5,000 for those types of contractors whose activities are regulated on the state level. For the rest, the minimum bond amount is $1,000.
The Federal Motor Carrier Safety Administration requires freight brokers from all states to obtain a $75,000 bond. Orlando freight brokers have to get bonded as well, so that they can conduct their work legally.
Mortgage bankers, brokers and lenders in Florida have to post a $10,000 bond to the state Office of Financial Regulation.
The Florida Department of Agriculture and Consumer Services requires travel agents to obtain a seller of travel bond in an amount between $25,000 and $50,000.
Overview of Orlando surety bonds
Orlando surety bonds function like a contractual agreement between three entities. Your business is the principal that has to get a bond. The obligee is the city, state or federal authority that requires the bonding. The surety backs you financially by providing the bond.
The most popular bonds that you may need in Orlando are license bonds. However, contract bonds are also quite commonly used for construction specialists. If you would like to bid on construction projects, you’re likely to need surety bonds as set in the City of Orlando Code. They are performance, payment and maintenance bonds. You may also need a right-of-way bond in case you want to do construction work on public highways and roads.
In some cases, you may also need court bonds in Orlando. They are required for persons who need to act as fiduciaries, or if you want to bring a case to an appeal court.
Surety bonds guarantee your legal compliance. In case you transgress from your obligations under the law, you can face a bond claim. If proven, you will need to reimburse any affected parties up to the penal sum of your bond.
If you need more information about the way bonds work, don’t hesitate to reach us at (877) 514-5146. Lance Surety Bonds’ specialists will be happy to assist you.
Frequently Asked Questions
How much does getting bonded cost?
The prices of getting bonded in the city of Orlando depends on the bond amount set by the relevant authorities. You have to pay a bond premium, which usually is a few percents of this amount. If your finances are solid, the premium is typically between 1% and 5%, but varies also between bond types.
The exact bond price is determined after considering your personal and business finances. Your surety examines your credit score, business documents, plus liquidity and assets you may have. The purpose of this process is to establish the level of risk that is involved in the bonding. If your overall profile is in good shape, you can expect to pay a lower premium.
For further details, our surety bond cost page can provide you with a thorough overview of the bond price formation.
Can I get bonded with bad credit?
For most types of bonds, you can get bonded with us even if your finances are not perfect. Our Bad Credit Surety Bonds program is designed for applicants with low credit scores, tax liens, bankruptcies, civil judgements, and similar financial problems. However, it’s not possible to get bad credit contract bonds.
Although the bonding premiums are higher, we can still get you a great bonding rate. We have close partnerships with a number of A-rated, T-listed surety companies, so we can shop around for you. You can expect bond rates in the range of 5%-15%.
How do I get my Orlando surety bond?
It’s not difficult to start your bonding. You can apply online for a free bond quote with no hassle. Once you complete your full application, we will deliver your exact bond price.
You can consult our How to Get Bonded page for more information on the bonding process. Still have questions? Just call us at (877) 514-5146.