Florida Pharmaceutical Wholesaler Distributor Bond
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Florida Pharmaceutical Wholesaler Distributors
The Florida Department of Business and Professional Regulation (DBPR) is the regulatory body which oversees pharmaceutical wholesaler distributors.
Along with Chapter 499.012(m) of the state’s Statutes, you as a pharmaceutical wholesaler professional must also obtain a surety bond.
The bond required is in one of two amounts.
Florida Pharmaceutical Wholesaler Distributor Bond: Amount Required
Pharmaceutical wholesalers who conduct business in Florida are required to have a surety currently, or otherwise purchase one.
The rules are as follows…
- If your surety bond is out of state, but you conduct business in Florida, the bond amount required is $100,000. You may notify DBPR about your existing bond, if applicable; you are not required to purchase a second surety bond.
- You have $10,000,000 or less in gross receipts for the prior tax year, the bond amount required is $25,000;
- If your gross tax receipts are over the $10,000,000 amount, the amount of surety bond required is $100,000.00.
Florida Pharmaceutical Wholesaler Distributor Bond: The Purpose of this Bond
The purpose of this surety bond is to protect the DBPR and others from any acts committed by a pharmaceutical wholesaler which violate the provisions of state and federal laws.
The bond, again, protects others from acts of fraud, theft, or willful misconduct committed by you as a licensed pharmaceutical wholesaler, or any employees, managers, or owners of your business.
As such, the surety bond is not an insurance policy for the wholesaler distributor. It does not protect you at all. Its existence is only as a financial guarantee which solely benefits those who might be harmed by a wholesaler’s wrongful actions.
Florida Pharmaceutical Wholesaler Distributor Bond: Pricing
The premium for this surety bond will depend on two main factors:
- Whether you are required to purchase a $25,000 or $100,000 surety bond (the DBPR will help you determine that if there are any concerns);
- And, your credit score.
You will be required to pay a premium that is a small percentage of this bond’s face value.
AmeriPro Surety Bonds will work to find you the best pricing solution available to meet your circumstances.
Duration of this Surety Bond
The pharmaceutical wholesaler bond lasts for one year and is renewed on an annual basis.
Our agency will mail you a renewal notice approximately 60 days before your renewal. You will need to file the renewal surety bond with the DBPR as a condition of maintaining your ability to conduct business in Florida.
AmeriPro Surety Bonds
AmeriPro Surety Bonds provides surety bonds throughout Florida.
We also have the capacity to offer license and permit, contractor, court, and fiduciary bonds nationwide.
Make contact with us today. We are friendly and easy to speak to: