Surety Bonds For Financially Responsible Officers In Florida

Surety Bonds for a Florida Financially Responsible Officer Bonds

Some kinds of surety bond situations are more familiar to professionals than others. Many in the construction industry, for example, are familiar with bonds for trades teams who will be building or renovating a specific structure. But some other types of surety bonds are a little bit more obscure, and may take some project managers and business leaders by surprise.

The Florida Department of Business Professional Regulation instructs businesses that someone who wants to become a Financially Responsible Officer for a construction business needs to put up a surety bond of $100,000. In addition, there are credit reporting requirements, and even background checks involved.

What is a Financially Responsible Officer?

The state of Florida defines a Financially Responsible Officer as “a person other than the primary qualifying agent who with the approval of the board assumes personal responsibility for all financial aspects of the business organization.”

In terms of a practical role, the state specifies that a financially responsible officer will have final approval on things like contracts and payments. This appointment is essentially a kind of “business power of attorney” in that it hands over a lot of actual power to the individual applicant.

Florida’s Financially Responsible Officer Bond Rule

This type of regulation shows that bonds are not just for managers of physical projects, but also for business executives who are working primarily on paper. Many states have similar processes for various types of professional officers who will contribute to a development or renovation project.

There are a wide variety of cases in which crossing the T’s and dotting the I’s requires timely and correct posting of surety bonds. Sometimes it’s hard to know where to go to get these kinds of tasks done, and who to partner with to complete all of the financial, legal and administrative elements of the new job or project. Unique Surety is a trusted surety bond provider working directly with businesses to fulfill these sorts of contractual obligations. Let us help with complex processes of becoming fully qualified and authorized to complete a project.