Is there a Florida Statute that requires a title agency to have a surety bond?
No. A title insurance agency is required to deposit with the department securities having a market value of not less than $35,000 at all times. In lieu of this deposit, a title insurance agency may elect to obtain a surety bond for that amount. The bond must be payable to the department for the benefit of any appointing insurer damaged by a violation of its contract with the title insurance agency. [Florida Statutes 626.8418(2)] The title insurance agency must have either the deposit or the surety bond in place in order to continue to write title insurance in Florida.
