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Click ‘Get Form’ to open the Motor Vehicle Dealer Surety Bond Application in the editor.
Begin by entering your Agency or Broker Name, Address, and License Number at the top of the form. This information is crucial for identification.
Fill in the 'Name of Dealer' and 'Tax ID #' fields accurately as they will appear on the bond. Ensure that your dealer's address is complete with street, city, state, and zip code.
Select your business structure (Proprietorship, Partnership, Corporation) and provide details such as Year Business Started and Annual Gross Sales.
List corporate officers or partners along with their respective titles, email addresses, ownership percentages, and years licensed. If more space is needed, duplicate the section as necessary.
Answer questions regarding any claims against your bond and provide additional information if applicable. This helps ensure transparency.
Review the Indemnity Agreement section carefully before signing. All owners and indemnitors must sign to acknowledge their understanding of the agreement.
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Most surety companies will only write your bond if you have good credit. If you have a FICO score of 650 or higher, you are considered a low risk. The best terms and rates should be available to you.
What is the surety bond for a motor vehicle dealer in Florida?
The $25,000 Florida Motor Vehicle Dealer Bond is a licensing requirement for auto dealers operating in the state. The Florida Department of Highway Safety and Motor Vehicles (FLHSMV) utilizes the bond as a financial safeguard for the consumers benefit from damages arising from misleading or criminal dealer activities.
What is the main purpose of a surety bond?
Surety bonds help small businesses win contracts by providing the customer with a guarantee that the work will be completed. Many public and private contracts require surety bonds, which are offered by surety companies.
Why would a surety bond be denied?
Reasons for Denial One of the primary reasons for a surety bond claim denial is inadequate or insufficient evidence to substantiate the claim. Surety companies require clear and documented proof of the principals default or failure to meet contractual obligations.
Are surety bonds easy to get?
No, not everyone is eligible for a surety bond. Being eligible for a surety bond typically depends upon two important things: whether claims have been made against your past bonds and your credit history.
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Where an insurance company assumes a certain amount of claims on their policies, the surety bond industry assumes a 0% loss ratio. With such strict guidelines, only those with good credit (at least a score of 650, oftentimes higher is required), and clean history (no bankruptcies, tax liens) are approved for low rates.
How much does a $30,000 surety bond cost?
Surety Bond Cost Table Surety Bond AmountYearly Premium Excellent Credit (675 and above)Average Credit (600-675) $30,000 $300 - $900 $900 - $1,500 $35,000 $350 - $1,050 $1,050 - $1,750 $40,000 $400 - $1,200 $1,200 - $2,0007 more rows
How to set up a surety bond?
How to Get a Surety Bond Find the bond requirements in your state for your specific business or industry. Confirm the bond coverage amount needed. Contact a surety company thats licensed to sell bonds in your state. Provide the business details and financial information needed for your quote. Receive your bond quote.
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