624.606 “Surety insurance” defined. - Florida Statutes

624.606 “Surety insurance” defined.

   (1) “Surety insurance” includes:

   (a) A contract bond, including a bid, payment, or maintenance bond, or a performance bond, which guarantees the execution of a contract other than a contract of indebtedness or other monetary obligation;

   (b) An indemnity bond for the benefit of a public body, railroad, or charitable organization or a lost security or utility payment bond;

   (c) Becoming surety on, or guaranteeing the performance of, any lawful contract where the bond is guaranteeing the execution of a contract other than a contract of indebtedness or other monetary obligation;

   (d) Becoming surety on, or guaranteeing the performance of, bonds and undertakings required or permitted in a judicial proceeding or otherwise allowed by law, including surety bonds accepted by states and municipal authorities in lieu of deposits as security for the performance of insurance contracts;

   (e) Fidelity insurance as defined in s. 624.6065 for the purposes of the Florida Insurance Code other than part XX of chapter 627; or

   (f) Residual value insurance as defined in s. 624.6081.

   (2) “Surety insurance” does not include:

   (a) Mortgage guaranty insurance, as defined in s. 635.011;

   (b) Financial guaranty insurance, as defined in s. 627.971; or

   (c) Any reinsurance contract authorized pursuant to s. 624.610.

History. s. 104, ch. 59-205; s. 3, ch. 76-168; s. 1, ch. 77-457; ss. 2, 3, ch. 81-318; ss. 86, 809(1st), ch. 82-243; s. 3, ch. 88-87; ss. 184, 187, 188, ch. 91-108; s. 1, ch. 91-110; s. 4, ch. 91-429; s. 17, ch. 95-211.