eLaws of Florida

  SECTION 624.606. “Surety insurance” defined.  


Latest version.
  • 1(1) 2“Surety insurance” includes:
    5(a) 6A 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;
    37(b) 38An indemnity bond for the benefit of a public body, railroad, or charitable organization or a lost security or utility payment bond;
    60(c) 61Becoming 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;
    92(d) 93Becoming 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;
    137(e) 138Fidelity insurance as defined in s. 144624.6065 145for the purposes of the Florida Insurance Code other than part XX of chapter 627; or
    161(f) 162Residual value insurance as defined in s. 169624.6081170.
    171(2) 172“Surety insurance” does not include:
    177(a) 178Mortgage guaranty insurance, as defined in s. 185635.011;
    186(b) 187Financial guaranty insurance, as defined in s. 194627.971; 195or
    196(c) 197Any reinsurance contract authorized pursuant to s. 204624.610205.
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.