What is a Florida Home and Service Warranty Association Bond
Ensure excellent customer care through this surety bond!
These are surety bonds that every business entity that is applying for a home warranty association or service warranty association licenses must submit before they can provide or issue home warranties or service warranties.
The surety bond is a mandatory license requirement for the two associations. Compliance with the contractual obligations that the home warranty association and service warranty association have made with their members or subscribers is one of the conditions of the surety bond.
The surety bond will also serve as a deposit to the Commissioner of the Office of Insurance Regulation of Florida that the said members would be financially compensated in case of the home warranty association or service warranty association’s insolvency.
What is the Home and Service Warranty Association Bond amount?
Home Warranty Association – $75,000
Service Warranty Association
$50,000 – warrantor that has less than $300,000 gross written premiums
$75,000 – warrantor that has more than $300,000 but less than $750,000 gross written premiums
$100,000 – warrantor that has more than $750,000 gross written premiums
Your bond premium will depend on your credit score. Those who have excellent credit scores will have a low bond premium or just 1% of the bond amount!
Know what you need to pay right now! GET YOUR FREE QUOTE HERE today!
How can I get a Home and Service Warranty Association Bond?
You can easily get this surety bond from us! We will guide you through the entire process. We’ll make sure that you will understand what you are getting into.
Here’s how to do get bonded:
- You have to send an application to us. If you are ready to do that now, you may APPLY HERE!
- After we have received your application, we will ask you to submit the necessary information needed for the underwriting process. These are the following:
- Your financial capability
- Your business or job performance history
- Your credit score
An expert underwriter will carefully evaluate all three to attain the best credit decision possible. To avoid any delay, the information that you should submit should be organized and concise.
- Your surety bond will be issued and sent to you!
What are the surety bond conditions?
- The surety bond agent or company should be authorized to conduct business in the State of Florida
- The Commissioner of the Office of Insurance Regulation of Florida will be the Obligee
- The licensed home warranty association or service warranty association should obey the provisions of 634.301-634.348 and ss. 634.401-634.444 of the Florida Statutes, as well as the rules and regulations of the Florida Office of Insurance Regulation
- If the licensed home warranty association or service warranty association commits a violation, the aggrieved party will be eligible to file a bond claim up to the penal sum
Ready to start on your bond? APPLY NOW!