Learn About the Law
Get help with your legal needs
FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.
Current as of January 01, 2023 | Updated by FindLaw Staff
(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.
Cite this article: FindLaw.com - Florida Statutes Title XXXVII. Insurance § 624.606. “Surety insurance” defined - last updated January 01, 2023 | https://codes.findlaw.com/fl/title-xxxvii-insurance/fl-st-sect-624-606/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.
Get help with your legal needs
FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.
Search our directory by legal issue
Enter information in one or both fields (Required)