Utility Deposit Bond - Clay Electric Cooperative, FL in Florida

Brief Summary

For a business opening an account with Clay Electric Cooperative, a utility deposit bond can stand in for cash security so working capital is not sitting with the co-op for years. Clay Electric invites commercial members to choose the deposit option that suits their business. Ask the co-op to confirm it will take a surety bond, then get a quote here.

Clay Electric Cooperative, based in Keystone Heights, Florida, may require a deposit when a new account's credit check calls for one. For residential members the co-op lists a $450 deposit, due before service is connected. Commercial members are told they can choose a deposit option suited to their business. Clay Electric's public pages do not state whether a surety bond is one of those options, so confirm with the co-op that it will accept a bond, and get its required form, before the bond is issued.

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How to Apply for a Utility Deposit Bond:

• Call Clay Electric Cooperative and confirm a surety bond is accepted for your account.
• Get the required bond amount and any bond form the co-op requires.
• Have the account holder's legal name and service address exactly as on the Clay Electric account.
• Apply for the bond and review the quoted premium.
• Pay the premium and receive the executed bond.
• Deliver the bond to Clay Electric before service connection or by the date the co-op sets.

Detailed Information About the Florida Utility Deposit Bond:

Check bond acceptance first

The most important fact for this page: Clay Electric's public account pages do not list a surety bond as an accepted deposit option. The Commercial Accounts page says members can choose the deposit option best suited to their business but does not name the options. Before you buy a bond, call Clay Electric's member services and confirm that a surety bond will be accepted in place of cash for your account, what amount it must be written for, and what bond form the co-op wants.

What Clay Electric publishes about deposits

For new accounts, Clay Electric runs a credit check. If the check indicates a deposit is needed, the residential deposit listed on the co-op's Accounts page is $450, payable before service is connected. Residential members with a good payment record get the deposit refunded automatically after 24 months of continuous service. Effective Jan. 1, 2026, that refund appears as a bill credit on the 25th regular bill after the deposit's effective date.

The deposit is not always a one time event. Clay Electric states that failing to keep a satisfactory payment record can lead to a new deposit where one was previously waived or returned, or an additional deposit to secure current bills.

How the bond works

When a utility accepts a deposit bond, the account holder is the principal, a surety company backs the bond, and the utility is the obligee. If the account holder leaves unpaid bills, the co-op can claim against the bond up to its amount. The surety pays valid claims and the account holder must repay the surety.

Cost

The premium depends on the bond amount the co-op sets and the credit of the business owner. You pay the premium instead of tying up the full deposit in cash.

Eligibility and Requirements for a Florida Utility Deposit Bond:

• Clay Electric Cooperative, Inc. named as obligee.
• Bond amount set by the co-op for the account.
• Principal name matching the Clay Electric account exactly.
• A surety company authorized to write bonds in Florida.
• Owner credit review, which mainly affects the premium.

Florida Utility Deposit Bond FAQs:

Official and Additional Resources for the Florida Utility Deposit Bond: