Surety bond insurers

287.0935

Surety bond insurers.

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When the contract amount of a project does not exceed $500,000 and when public funds are utilized for the project, a person, the state, or a political subdivision shall not refuse, as surety for the project, bid bonds, performance bonds, labor and materials payment bonds, or any other surety bonds which are issued by a surety company which fulfills each of the following provisions:

(1)

The surety company is licensed to do business in the State of Florida;

(2)

The surety company holds a certificate of authority authorizing it to write surety bonds in this state;

(3)

The surety company has twice the minimum surplus and capital required by the Florida Insurance Code at the time the invitation to bid is issued;

(4)

The surety company is otherwise in compliance with the provisions of the Florida Insurance Code; and

(5)

The surety company holds a currently valid certificate of authority issued by the United States Department of the Treasury under 31 U.S.C. ss. 9304-9308.

History.

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s. 29, ch. 85-104; s. 10, ch. 91-162.