Florida Third Party Administrator Bond |
AmeriPro Surety Bonds | 844-589-9732
Florida Department of Highway and Safety Motor Vehicle (DHSMV)
The Florida DHMSV allows private companies to participate in the licensing of Florida drivers.
Among many other requirements, the Department, along with §383.75 of the Electronic Code of Federal Regulations, requires an applicant to obtain the appropriate performance surety bond amount as a licensing prerequisite.
Once licensed and bonded, you will be able to prepare Florida residents for the Class E driving skills exam and the Class E knowledge exam.
Florida Third Party Administrator Bond: Amount Required
The performance bond amount required is tiered based on the number of tests offered.
- If you expect to administer no more than 300 tests a year, a $100,000 performance surety bond is required;
- If you expect to administer 301-1600 tests annually, a $500,000 performance surety bond is required;
- For more than 1600 tests annually, a $1,000,000 performance surety bond is required of you.
Florida Third Party Administrator Bond: Purpose
As stated by §383.75 of the Electronic Code of Federal Regulations, the performance bond serves one purpose: It is a financial guarantee to protect Florida from fraud should any examiners engage in wrongful activity related to the administration of exams.
Of note, although there are insurance requirements required of Third Party Administrator, this performance bond isn’t it.
In fact, the performance bond does not protect the third party administrator at all; the performance bond protects the state from fraudulent activity committed by a third party administrator.
Florida Third Party Administrator Bond: The Price or Premium
Any one of these three amounts is a large performance bond.
The premium represents a percentage of the performance bond’s respective amount needed to obtain the bond and have it filed with the DHMSV.
The amount you wil pay for the bond will be determined by the following criteria:
- The amount of bond you are required to purchase;
- A financial statement from you;
- Your credit score.
Each of these criteria is significant and can make or break your ability to qualify for the bond, or how much you will pay.
To ensure that you get the best pricing, we at AmeriPro Surety Bonds will work with you to ensure that all documents are in order, accurate, and best reflective of who you are.
This allows us to get you the best performance bond pricing.
If you have good credit, you may pay between 1.5-3% for the bond.
Duration of this Bond
This third party administrator bond is good for one year and is renewed annually.
At the time of renewal, new and updated information may be requested of you to determine the renewal premium you’ll be required to pay.
Our agency will send you notice some 60 days before renewal so as to best help you prefer for the updated performance bond.
About AmeriPro Surety Bonds:
AmeriPro Surety Bonds is surety bond-only agency which provides performance, license and permit, court, and fiduciary bonds throughout Florida.
We are honored that you have chosen us and we will work for you to get your performance bond issued quickly and at a fair price.