Auto tag agencies are individual companies which are allowed to participate in many of the services offered by the Florida Division of Motor Vehicles.
The bond requirements and amounts for an auto tag agency will depend on the county in which the business is licensed to operate.
AmeriPro Surety Bonds provides both new and renewal surety bonds for all Florida auto tag agencies.
Whereas the bond amounts and qualifications for this bond will depend on the county in which an auto tag agency operates, the purpose of the surety bond remains the same regardless of the location.
Below, we detail some bond requirements for 3 specific counties.
Our agency, however, provides the Florida auto tag agency bond anywhere required in the state.
According to Section 20-250 of the Broward County Code of Ordinances, a Private Auto Tag Agency must post a $25,000 surety bond before being licensed to operate.
The bond must also be approved by the Broward County Risk Management Division.
If you purchase the bond through AmeriPro Surety Bonds, this bond may cost as little as $375 annually.
If you plan on operating an auto tag agency in Miami-Dade County, the minimum surety bond amount required is $35,000 .
According to County statutes, presumably that amount may be higher; however, the amount you will be required to purchase “…shall be sufficient to cover any and all tag and decal inventory the LBO [Limited Branch Office] may have in its possession at any time.”
If you are an applicant for an auto tag agency business in Florida, the county will inform you of the specific amount required.
Once you provide that information to our agency, we’ll be able to get you qualified for bonding.
The Volusia County Florida auto tag agency bond is a $200,000 bond.
Because of this surety bond’s large amount, you as an applicant may also be requested to provide an audited or non-audited financial statement detailing your company’s cash and investments.
This $200,000 surety bond may have an annual premium as low as $3,000.
Regardless of the location of an auto tag agency, the purpose of an auto tag agency bond is the same:
This surety bond exists to protect the public from acts of fraud, theft, or other criminal activity committed by a licensed Florida auto tag agency in the performance of their business duties.
Of note is that the bond is a protection for others from wrongful acts that a business may commit.
The bond, therefore, is not a type of insurance which protects the auto tag agency at all.
It is also required, however, as a prerequisite for licensing.
The premium(s), or cost required to be paid for an auto tag agency bond will depend on the following criteria:
Applicants with good credit may pay a very small percentage of the bond’s face amount.
If your credit is poorer, you may realistically expect to pay substantially more; however, in practically all cases, we will be able to get you qualified for bonding.
AmeriPro Surety Bonds is a surety bonds-only company which offers license and permit, contractor, court, and fiduciary surety bonds throughout the great state of Florida.
Our agency also offers surety bonds nationwide.