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Financially Responsible Officer Bond

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  • Top bonding rates
  • Bad credit program

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What Is a Financially Responsible Officer Bond?

A financially responsible officer (FRO) is often the owner– or another officer– who’s the primary person in charge of the financial responsibility of a construction company. In some states, FROs need to be licensed and obtain a ‘financially responsible officer bond’ in order to be legally compliant.

The purpose of the bond is to ensure that officers carrying the financial responsibility of a company will adhere to all applicable laws. It protects the licensing bodies and the general public from non-payment of any due fees and costs, and guarantees that the FRO will provide all needed paperwork to relevant authorities.

Similarly to other types of surety bonds, the financially responsible officer bond is a three-party contract. The principal is the financial responsibility officer. The obligee is the state authority that provides the licensing and requires the bond. The surety provides the bond and the financial backing.

Questions about Financially Responsible Officer Bond

Who needs to obtain a financially responsible officer bond?

In Florida, any construction company owner or officer who has to take on the financial responsibility of the business, needs to get licensed with the State of Florida Department of Business and Professional Regulation. As a part of the licensing, they need to provide a financially responsible officer bond. This ensures compliance with the 2014 Florida Statutes.

The bond requirement is currently active in the state of Florida. However, when you start licensing your construction business, it’s best to check with your state authorities whether you need a FRO license and bond.

How much does a financially responsible officer bond cost?

The bond price you have to pay depends on the bond amount that you are required to present to the licensing authorities. The Florida financially responsible officer bond amount is set at $100,000.

However, the required bond amount is not your bond cost. The bond premium is only a fraction of this bond amount. If your finances are strong, you are likely to pay a premium between 1%-5%.

What factors affect your bond price? Your surety must take a close look at your personal credit score, business finances, and assets and liquidity. It may also consider your professional experience. The purpose is to determine the risk of getting you bonded. If your financial stats are in good shape, you can expect a lower bond cost.

Want to learn more about how your bond price is determined? Go through our surety bond cost page for further information.

Expected Premiums Based on Credit Score
Bond Type Surety Bond Amount Above 700 Between 650-699 Between 600-649 Below 599
California Financially Responsible Officer Bond $100,000 $750-1,500 $1,000-$2,500 $2,500-$5,000 $5,000-$10,000

Can I get bonded with bad credit?

It’s possible to obtain the bond you need, even if your finances aren’t perfect. Lance Surety Bonds operates its Bad Credit Surety Bonds program to help applicants with a low credit score, tax liens, bankruptcies, or civil judgements.

Since the bonding risk is higher, you can expect bonding rates in the range of 5% or 10%. You will still get the best deal on your bonding premium with us. We work with numerous A-rated, T-listed surety companies. This means we can select the best bonding option for your circumstances.

How do I get my financially responsible officer bond?

You can start your bonding process today. Just apply online today for a free bond quote. If you want an exact bond price, submit your full application and paperwork. We’ll deliver it to you in no time.

Apply for your surety bond today and lock your rate for 90 days!

Need more details about how bonding works? Make sure to consult our How to Get Bonded page.

Call us at (877) 514-5146 for any further questions you have. Lance Surety Bonds’ specialists will be happy to assist you.

What happens in case of a bond claim?

The goal of getting bonded is to provide extra protection for licensing authorities and the general public. In this sense, the bond is not insurance for your business. It’s important to keep this distinction clear.

If you fail to follow the law in your role as a financially responsible officer, you can face a claim on your bond. The maximum penal sum of the bond can be used to provide financial compensation in case of proven claims. At first, the surety that has provided you with a bond will cover the costs. However, you need to repay it fully afterwards.

Bond claims are a serious threat to your business finances and integrity. That’s why the wisest approach is to avoid them completely.

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What Our Clients Have To Say?




Kimberlee Ables
Quick response times and turn around for issuing bonds. Great customer service and very knowledgeable. We have used Lance Surety multiple times and have never been disappointed. Highly recommend them and Collette!
Andrew Poincot
Long story short, these guys cut through the B.S. and get the job done. Responsiveness, excellent! Communication, excellent! Respect for their industry partners, excellent! John, Collette, Ryan, you're all-stars! Thank you!
Margie Martinez
We decided for Lance Surety Bond's quote for 2 reasons; Price and Customer Service. Our Representative Ryan was just SUPERB!! [...] I highly recommend Lance Surety Bond for all your Bonding needs! I'll definitely come back for all of mine. :-) Thanks Ryan!

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