Utility Deposit Bond - City of Fort Myers, FL in Florida

Brief Summary

A utility deposit bond lets a customer opening a City of Fort Myers utility account post a surety bond with the city instead of handing over the full deposit in cash. For a business with a large expected bill, that keeps working capital in the company while the city still has a guarantee that the final bill gets paid.

The City of Fort Myers, as the utility provider and obligee, may require a security deposit before it opens a utility account. This bond guarantees payment of the account up to the bond amount and is posted in place of a cash deposit. The deposit figure, and so the bond amount, is set by the city for each account. Confirm the amount, the bond form and whether a surety bond will be accepted for your account type with City of Fort Myers Utility Billing before the bond is issued.

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How to Apply for a Utility Deposit Bond:

• Request service from City of Fort Myers Utility Billing and ask for the deposit amount on the account.
• Confirm the city will accept a surety bond for your account type and whether a city bond form is required.
• Provide the legal name and service address exactly as they will appear on the utility account.
• Complete the surety application with owner information for the credit review.
• Pay the premium and receive the executed bond naming the City of Fort Myers as obligee.
• Deliver the original bond as the city directs and confirm it is on file before the service start date.

Detailed Information About the Florida Utility Deposit Bond:

Get the deposit figure from the city first

The mistake to avoid is buying a bond before you know the number. Utility deposits are set account by account, usually from the expected size of the bill at the service address. A small office and a restaurant on the same street can be asked for very different amounts. Ask City of Fort Myers Utility Billing for the exact deposit on your account and order the bond for that figure.

Confirm the bond is accepted for your account

Many Florida municipal utilities accept a surety bond in place of cash only for commercial or non-residential accounts, and some require their own bond form. Before the bond is issued, confirm with the city that a surety bond is acceptable for your account type, whether a city form must be used, and where the original should be delivered.

What the bond guarantees

The City of Fort Myers is the obligee. The bond guarantees that the customer named as principal will pay the utility account. If the account closes or is disconnected with an unpaid balance, the city can claim against the bond up to its face amount. The surety pays the valid claim and then recovers that money from the customer. It protects the city, not the customer.

How the premium is set

The surety prices the bond from the bond amount and the applicant's credit and business history. The premium is paid in place of tying up the full deposit in cash and is not refundable once the bond is issued.

Eligibility and Requirements for a Florida Utility Deposit Bond:

• City of Fort Myers named as obligee.
• Bond amount equal to the deposit the city sets for the account.
• Principal name matching the utility account holder exactly.
• Acceptance of the bond by the city.
• Owner credit review by the surety.

Florida Utility Deposit Bond FAQs:

Official and Additional Resources for the Florida Utility Deposit Bond: