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What is the purpose of a Florida Health Studio Bond?
The Florida Health Studio Bond is required for all health studios that collect fees more than 30 days in advance and has a third party collecting the fees. The health studio will have to get a surety bond that is good for a period of five years.
This surety bond provides financial protection to members of a health club that closes unexpectedly, compensating members who had purchased long-term contracts. The required bond amount is set at $25,000, and it is required by the Florida Department of Agriculture and Consumer Services. This premium on this bond is generally as low as 1%.
Additional Requirements for Health Studio Application
- Completed Health Studio Registration Application
- Copy of contracts
- Proof of financial security in the form of either an Irrevocable Letter of Credit, Certificate of Deposit or Surety Bond worth $25,000. You may also request for security reduction. Just provide evidence showing that the aggregate dollar amount of all current standing contracts is less than $5,000. If granted, the security amount becomes $10,000.
What is the process for getting a Florida Health Studio Bond?
Surety Solutions Insurance Services Inc was established in 2003. Although our headquarters are located in California, we are actually licensed in all 50 states. We have also partnered with several surety markets to ensure that we would only offer the best rates for all our clients. Our application processing time is also very fast, with some applications taking just a business day to get approved!
If you wish to get this surety bond from us, please fill out and submit an online application form. You will then be contacted by our licensed agents who will give a no-obligation quote for your bond. If you find the price to your satisfaction, just pay the said amount and sign all the paperwork. We will then send the surety bond through USPS Priority Mail or overnight delivery.
With an A+ rating from the Better Business Bureau, you can only expect the best service from us here at Surety1.