The Florida Public Utilities Company requires a customer deposit for the purchase of public utilities. In lieu of a deposit, customers can establish credit with a Florida Public Utilities Company Surety Bond, which can be a cheaper alternative to putting down a cash deposit.
The bond amount should be equal to two month’s average bills, but the cost to obtain the bond will only be a small percentage of this bond amount. Once you know your bond amount, you can submit a free, no-obligation application to get a quote for the price to obtain this bond!
Unlike insurance, a surety bond does not protect the principal (you). Instead, it ensures that the Obligee, in this case the utility company, that you as the principal will abide with the agreement set forth in the bond. The Florida Public Utilities Company Surety Bond states that the applicant will pay all of their utility bills on time. This protects the utility company from financial loss and harm as a result of non-payment of utility bills.
If the bond principal fails to make the appropriate payments to the utility company, the utility company can make a claim on the bond which the surety company will pay out if settled. Unlike insurance, the bond principal must repay the surety company for any losses incurred from these claims.
More information regarding the deposit/bonding requirements can be found on the Florida Public Utilities Company website.
In order to obtain this bond, simply fill out our free online application! One of our licensed agents will contact you within one business day with a quote for the price to obtain your bond (the “premium”). If you choose to move forward after receiving your quote, we will have you sign any necessary paperwork and remit the premium payment, at which time we will ship your bond to you via USPS Priority Mail (with overnight shipping options also available).
Why choose Surety1?
At Surety1, our agents work with over a dozen “A” rated surety markets to ensure we are finding you the lowest price for your bond. We’ve been issuing surety bonds since 2003 and our quality, reliable service has led us to an A+ rating by the Better Business Bureau! Licensed in all 50 states.