Florida Contractor Bonds
Beginning April 13th, 2012, the Florida Construction Industry Licensing Board revised it's application process for contractors to include new Florida Contractors Surety Bond forms for both Division I (General Contractor, Building Contractor or Residential Contractors) and Division II Contractors (all contractor licenses not listed in Division I).
Florida Law now requires all construction contractors to be financially stable and responsible to be issued a license. In order for a license to be issued, there can be no active liens or judgments against the contractor (or the contractor's represented company) and the contractor must have a 660 FICO score at the time of application.
If your credit score is not 660 or higher, then you must post either a Florida Industries Financially Responsible Officer Bond or submit an Irrevocable Letter of Credit to the state to have your contractors license issued. Unfortunately, few have the liquid assets to have an Irrevocable Letter of Credit issued by a bank, so the Florida Industries Financially Responsible Officer Bond is the easiest option to meet this requirement.
Currently, Division I Construction Contractors need to obtain a Florida Construction Industries License Bond
for $20,000 and Division II Construction Contractors needs to obtain a Florida Industries Financially Responsible Officer Bond in the amount of $10,000. The Florida Construction Industry Licensing Board allows for these bond amounts to be reduced to $10,000 and $5,000 respectively if you complete a 14 hour financial responsibility course approved by the Florida Construction Industry Licensing Board.
Please take note that this bond requirement is for the Florida Contractors License Bond is different than the Florida Construction Industry Licensing Board's requirement for a Florida Financially Responsible Officer for Construction Bond
in the amount of $100,000. This bond is required when an individual seeks to become a financially responsible officer for a construction qualified business entity.
has secured bonding solutions for our clients who need to post a surety bond for the Florida Construction Industry Licensing Board. Since these bonds are required for clients with challenged credit, we worked to find bonding for clients who cannot meet the 660 minimum FICO score. Please fill out the necessary application for your bond to the best of your ability and we can usually provide you with a quote for you
Florida Construction Industries License Bond
inside of two hours!