$500,000 FL Contractor License Bond

[Redbull]

Hello,
A requirement was made in FL recently, requiring that we have a $500,000 Contractor License Bond. I was told that your company can only help applicants with a net worth of four times the bond amount. We are a new company,so we don't have a very high net worth. How would we even obtain the bond? Is there an alternative?

[Admin]

$500K is a horribly large requirement for a license bond. I have only heard of such requirements for contractors doing high volume of business or money transmitter license bonds. I would start by double checking the amount required, as there are very few start-ups that would qualify for such a large bond.

I am hoping that you misheard whoever told you we need 4 times the net worth of the bond amount, as it is not necessarily true. We represent bonding companies that have a large variety of underwriting guidelines. Some do not have specific guidelines on net worth amount, others might require 3 times the bond amount. It varies greatly and can not be stated quite as black or white as you were told.

After you find out the amount, you can apply online for a contractor's license bond for a free quote.