(1) “Surety insurance” includes: (a) A 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; (b) An indemnity bond for the benefit of a public body, railroad, or charitable organization or a lost security or utility payment bond; (c) Becoming 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; (d) Becoming 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; (e) Fidelity insurance as defined in s. 624.6065 for the purposes of the Florida Insurance Code other than part XX of chapter 627; or (f) Residual value insurance as defined in s. 624.6081. (2) “Surety insurance” does not include: (a) Mortgage guaranty insurance, as defined in s. 635.011; (b) Financial guaranty insurance, as defined in s. 627.971; or (c) Any reinsurance contract authorized pursuant to s. 624.610.
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