287.0935 Surety bond insurers. - Florida Statutes

287.0935 Surety bond insurers.

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