Florida Regulations 69K-7.005: Performance Bond – Mausoleums or Below-Ground Crypts
Current as of: 2024 | Check for updates
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(1) As provided by Florida Statutes § 497.272(8), a cemetery may furnish the Board with a performance bond whenever such cemetery contemplates the sale of spaces in a section of a mausoleum or bank of below-ground crypts prior to the construction of such facilities. Such bond shall be in lieu of the payments outlined in Florida Statutes § 497.272(3) An approved form of such bond is hereby adopted by the Board and designated as Form DFS-F-43 and titled “”Performance Bond – Mausoleums or Below-ground Crypts.”” No sale of such spaces, where a bond is being given the Department in lieu of the payments provided by Florida Statutes § 497.272(3), shall take place prior to the delivery of such bond to the Department and receipt of written acceptance thereof by the cemetery or its agent.
(2) The amount of such bond shall be as determined by the Board. For a Florida Statutes § 497.272(8), bond determination, the cost of construction of a mausoleum or bank of below-ground crypts shall be determined by the Department on the basis of certified estimates of the design architect and two or more bids for such construction from contractors licensed to do business in the State of Florida.
(3) To be acceptable to the Board, the surety company on such bond shall be licensed to do business in the State of Florida and shall have been in business in this state with a record of successful operations for a period of at least five years prior to the execution of the bond and such surety company shall not be exposed on any one risk in an amount exceeding ten (10) percent of its surplus to policy-holders. Such surety company shall have at least the following minimum ratings in Best’s Key Rating Guide or other similar such rating service or publication.
Bond Amount
Policy Holder’s Rating
Required Financial Rating
0 to 100,000
B
Class VII
100,000 to 500,000
A
Class VIII
500,000 to 750,000
A
Class IX
750,000 to 1,000,000
A
Class X
1,000,000 to 1,500,000
A
Class XI
1,500,000 or more
A
Class XII
Rulemaking Authority 497.103 FS. Law Implemented 497.272(8) FS. History-New 12-22-81, Amended 3-24-82, Formerly 3D-30.30, 3D-30.030, 3F-7.005.
(3) To be acceptable to the Board, the surety company on such bond shall be licensed to do business in the State of Florida and shall have been in business in this state with a record of successful operations for a period of at least five years prior to the execution of the bond and such surety company shall not be exposed on any one risk in an amount exceeding ten (10) percent of its surplus to policy-holders. Such surety company shall have at least the following minimum ratings in Best’s Key Rating Guide or other similar such rating service or publication.
Bond Amount
Policy Holder’s Rating
Required Financial Rating
0 to 100,000
B
Class VII
100,000 to 500,000
A
Class VIII
500,000 to 750,000
A
Class IX
750,000 to 1,000,000
A
Class X
1,000,000 to 1,500,000
A
Class XI
1,500,000 or more
A
Class XII
Rulemaking Authority 497.103 FS. Law Implemented 497.272(8) FS. History-New 12-22-81, Amended 3-24-82, Formerly 3D-30.30, 3D-30.030, 3F-7.005.