Date Published: March 7, 2014
The State of Florida requires all motor vehicle dealers to provide a $25,000 surety bond. the bond has a statutory renewal date of April 30. Now is a good time to re-shop your bond. The surety companies that underwrite this type of bond are filing new lower rates and underwriting requirements have also been relaxed by many of the major surety companies. The bond protects the State and is to guarantee that a Florida Dealer:
- Shall fully comply with the conditions of any written contract made by him as
such dealer in connection with the sale or exchange of any motor vehicles. - Shall pay or cause to be paid to any person in a retail or wholesale transaction any loss or damages which such person shall sustain as a result of any failure to comply with the conditions of any written contract made by such dealer in connection with the sale or exchange of any motor vehicle.
- Full compliance with Chapter 319 or 320, Florida Statutes.
Surety1 has great markets for this bond and can usually provide a quote from a number of the 18 markets it represents in less than 24 hours. The cost of this surety bond can be less than 1%, if all underwriting conditions are met. Click Here to Apply Today!
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