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Florida Corporate Guardian Bond
What is a Florida Corporate Guardian Bond?
A Florida Corporate Guardian Bond is a $250,000 blanket fiduciary bond that is required to be posted by a for-profit corporate guardian. This bond is in lieu of the $50,000 fiduciary bond that is required to be posted by professional guardians. Essentially the $250,000 bond is required for corporations that act as guardians, whereas the $50,000 Professional Guardian Bond is required for individuals that act as a guardian for three or more wards at any given time.
The bond must be posted in the county in which the corporation has its principal place of business. The fiduciary bond shall be maintained with the clerk of the circuit court within said county and the corporate guardian shall provide proof of the bond to the clerks of each additional circuit court in which he or she is serving as a guardian.
A guardian is defined as a person who has been appointed by the court to act on behalf of a ward’s person or property, or both. A corporate guardian is defined as a corporation authorized to exercise fiduciary or guardianship powers in the State of Florida. The term can include both for-profit and nonprofit businesses. A ward can include minors and/or incapacitated persons.
FL Corporate Guardianship Bonds are individually underwritten so the cost can vary and is heavily dependent on the personal and business financial statements of the owner as well as their personal credit score. Customers with good financials and good credit scores could qualify for rates lower than 0.5% of the bond amount. Of course, we will always provide you with the lowest rates available on the market. And can typically handle all credit types - from excellent to poor - as such those terms vary.
For example, applicants with great credit (generally 700 or higher) and excellent financials can expect to pay less than $1,100 for their $250,000 blanket fiduciary bond coverage.
Florida Statutes, 744.309 requires the $250,000 fiduciary bond to be posted by For-Profit Corporate Guardians. The bond ensures the guardian provides faithful performance of all duties of a guardian as prescribed under Chapter 744: Guardianship, of Florida law. Some of these duties include acting within the scope of the authority granted by the court, acting in good faith, and not acting in a manner that is contrary to the ward’s best interests.
Within the Florida Department of Elder Affairs, the Office of Public & Professional Guardians (OPPG) was created to appoint local public guardian offices and to also be responsible for the registration and education of professional guardians. One of the registration requirements set forth by the Office is to obtain a blanket fiduciary bond or to maintain a liability insurance policy that covers losses up to $250,000. The Obligee on the bond reads as the Governor of the State of Florida.
Florida Corporate Guardianship Bonds run from the effective date for a period of exactly one year. The beginning and end dates are specified on the bond form. The fiduciary bond can then be renewed on an annual basis via a continuation certificate. Updated personal and business financial statements are required before the continuation certificate is issued. Typically a renewal notice is sent out 60-90 days prior to the anniversary.
Contact The ProSure Group. As surety bond experts in business in Florida since 1993, The ProSure Group has issued thousands of fiduciary bonds and has partnerships with more than 30 different surety companies. This ensures that we get you the best, most competitive pricing and terms available in the marketplace. You just need to complete our simple application and one of our specialists will quickly contact you.
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