DOES AN FRO BOND RENEW EACH YEAR? – The Exam Pros

DOES AN FRO BOND RENEW EACH YEAR?

DOES AN FRO BOND RENEW EACH YEAR?

Florida Financially Responsible Officer bonds remain in effect and full force until they are either canceled or violated. The surety may cancel the bond by submitting a notice of cancellation by certified mail to the Executive Director of the Florida CILB at least 30 days prior to the effective date of cancellation. The bonding company will monitor and continue to renew the bond on an annual basis, assuming there are no significant changes in credit or claim activity. A notice of renewal is typically sent out 90 days prior to the surety bond’s renewal date.