Florida Construction License Surety Bond (Sub-660 FICO Credit Score Bond) 

• Florida Financial Stability Bonds are individually underwritten, so price can vary and is dependent on the credit score of the applicant. Customers with near-660 FICO credit scores may qualify for a rate as low as 1% of the bond amount. Of course, we are equipped to handle all credit types, from excellent to poor – as such, those terms vary.
• The cost of the Florida Financial Responsibility Bond will also vary depending upon the bond amount and, in some cases, bond form and/or the degree of stress in the Principal’s (applicant's) credit history. The lower the score on the credit spectrum, the higher the bond rate will be.    
  
  • A $20,000 Division I Construction License Bond can be written for as low as $200
  • A $10,000 Division I Construction License Bond can be written for as low as $100
  • A $10,000 Division II Construction License Bond can be written for as low as $100
  • A $5,000 Division II Construction License Bond can be written for as low as $100

The Sub-660 Credit Score Bond for construction contractors is required by the State to protect against non-payment of fines and costs, pursuant to Rule 61G4-15.006 of the Florida Administrative Code. The bond holder guarantees they will follow all laws and regulations set forth by the CILB, including making all necessary payments to the State of Florida, and will keep truthful and accurate records, books, and reports.

The Florida Department of Business and Professional Regulation’s (DBPR) Construction Industry Licensing Board (CILB) will ask required contractors for the bond after several other requirements for licensure have been met and before the license is approved. As mentioned before, the Florida Financial Responsibility and Stability Bond is only required to be posted by applicants with a sub-660 FICO score. Applicants are granted licenses to conduct business under Florida Statutes, Chapter 455. Chapter 489 of the Statutes created the CILB and its authority – as such, the Obligee on the bond lists the Florida Construction Industry Licensing Board.    

In short, yes – these bonds are continued in full force until canceled by the surety or until the licensed contractor can prove to the Board that their FICO score is equal to or greater than 660.    

Contact The ProSure Group today!  As Florida surety bond experts in business since 1993, The ProSure Group has written thousands of construction bonds and has partnerships with over 30 different surety companies. This ensures that we get you the best, most competitive pricing and terms available in the marketplace. Just complete this simple application and one of our specialists will contact you quickly!

Other requirements to become licensed in Florida may include, but are not limited to:

• Completed application on standard application form from the FL DBPR’s CILB
• Must be at least 18 years of age
• Pass the state certification exam
• Provide evidence of adequate, in-force insurance coverage
• Fingerprints for background check    
• Payment of applicable fees

It is important to note that in Florida, there are two types of licensure: registration and certification. If you have a registered license, you may only practice contracting in that specific county or city (or with any adjoining locales that will accept that registration). If you have a certified license, obtained by completing the Florida Contractor’s Examination, you may work throughout the state.