Tow Wrecker Bailment ($2,500) Bond - Jacksonville, FL in Florida

Brief Summary

When your company tows and stores someone else's car, you are holding property that is not yours. This $2,500 bailment bond backs that responsibility to the City of Jacksonville, costs a yearly premium instead of $2,500 in cash, and is usually issued quickly.

Tow and wrecker operators in Jacksonville post a $2,500 bailment bond in favor of the City of Jacksonville. It guarantees that vehicles taken into the operator's custody are handled and returned as the law requires, and it gives owners a source of recovery if the operator fails that duty.

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How to Apply for a Tow Wrecker Bailment ($2,500) Bond:

• Confirm with the City of Jacksonville which office receives the bond and whether a City bond form is required.
• Have the company name exactly as it appears on your City wrecker paperwork.
• Provide owner name, home address and Social Security number for the credit review.
• Complete the bond application and accept the quote.
• Receive the executed $2,500 bond naming the City of Jacksonville as obligee.
• File the bond with the City along with proof of insurance.

Detailed Information About the Florida Tow Wrecker Bailment ($2,500) Bond:

Two different bonds that get confused

This bond is posted by the towing company. It is not the bond a vehicle owner can post to get a car released. Under Fla. Stat. 713.78(5)(b), an owner who disputes charges may have the vehicle released by posting a cash or surety bond, or other adequate security equal to the accrued charges, with the clerk of the court. That is the owner's instrument. The bailment bond on this page is the operator's.

What bailment means here

A bailment arises whenever one party holds another party's property. Once a wrecker hooks a vehicle and puts it on a storage lot, the operator is the bailee and owes the owner care and safe return. Florida law already makes a towing-storage operator liable for damage caused when entering a vehicle without reasonable care, and gives the operator a lien for lawful towing and storage charges under Fla. Stat. 713.78. The $2,500 bond backs the operator's obligations to vehicle owners while their property is in its custody.

Insurance is a separate requirement

The bond does not replace liability or on hook coverage. Fla. Stat. 323.002, which governs local wrecker operator systems, requires certain operators to disclose liability insurance of at least $300,000 and on hook cargo coverage of at least $50,000. Expect the City to ask for proof of insurance along with the bond.

Before you buy

The obligee is the City of Jacksonville. Confirm the current bond form, the office that accepts it, and any accompanying permit steps with the City before the bond is issued.

Premium

The surety prices the bond mainly on the owner's personal credit and the company's history.

Eligibility and Requirements for a Florida Tow Wrecker Bailment ($2,500) Bond:

• Bond amount of $2,500.
• City of Jacksonville named as obligee.
• Posted by the towing or wrecker company, not the vehicle owner.
• Separate from liability and on hook insurance.
• Kept in force for as long as the company tows and stores vehicles in Jacksonville.

Florida Tow Wrecker Bailment ($2,500) Bond FAQs:

Official and Additional Resources for the Florida Tow Wrecker Bailment ($2,500) Bond: