New York Surety Bonds Overview
Bryant Surety Bonds is not only licensed to underwrite New York surety bonds, we’re also experts in New York state bonding requirements and regulations. All our bonds are issued by A-rated and T-listed surety bond companies, which provide us with exclusive and competitive rates for our customers.
Through our Bad Credit Surety Bond Program, we can bond all types of applicants, even those with low or nonexistent credit scores. This enables us to find the best rates for all applicants, depending on their financial status. If you’ve been declined a bond elsewhere, this program is right for you.
To get started on your bond application form, have a look at the table below to find the bond you need. Click ‘Apply’ to be redirected to your form. Applying takes only a few minutes, and approvals for most bonds are fast.
If you’ve never obtained a bond before, or you need more information about New York surety bonds, take a look at the sections below. They contain information about the types of surety bonds in New York we underwrite, how much it costs to get bonded in New York, and how you can apply.
Types of Surety Bonds in New York
We underwrite all types of bonds in New York. This includes all New York license bonds, New York contract bonds and New York court bonds.
You need a license bond when applying for a professional license in the state of New York. Contract bonds are relevant for licensed and bonded New York contractors who wish to participate in a bid or commence work on a construction project. New York court bonds are typically requested of individuals by a New York court, and apply to situations of appealing a court decision or becoming a fiduciary to someone.
New York License & Permit Bonds
The state of New York requires a range of businesses to get licensed, before they can offer their services to customers. During the licensing process, applicants need to obtain a New York license bond and include it when submitting their application.
Which businesses need to get bonded and which do not is a matter of local and state regulations. The amounts of the bonds are often determined on an individual basis by states, though there are some exceptions for certain bonds that apply across the whole country.
New York license bonds protect the interests of New York state, and a business’s customers. They offer compensation in cases of fraud, misconduct, and other cases of non-compliance with state regulations. They also guarantee that a licensed and bonded business will adhere to all laws and regulations.
Certain bonds, such as the New York auto dealer bond, the New York mortgage broker bond and the Freight broker bond are most commonly issued in the state. We also underwrite all other types of license bonds. Keep reading to find out more about how much your bond will cost, and how to get bonded in New York.
New York Contract Bonds
Typically, New York contract bonds are difficult to underwrite due to the very strict requirements in the state. We currently have access to a market that writes bonds in all five boroughs in New York City, and can help contractors get bonded.
These bonds are necessary to New York contractors who are already licensed and bonded, and are bidding to be awarded a contract for a construction project or are about to begin work on a project. They guarantee that contractors will perform in accordance with a project’s contract, as well as in accordance with New York state regulations.
New York Court Bonds
We also underwrite New York court bonds, for individuals who are requested by a New York court to obtain a bond to appeal a court case or become someone’s fiduciary.
In these and other similar instances, individuals must obtain either a supersedeas or a fiduciary bond, that they will need to present to the court.
For additional questions you may have about New York surety bonds, just call us at (866)-450-3412. We know all about the state’s bonding requirements, and are always ready to help.
Surety Bond Cost in New York
You must pay a surety bond premium to get your New York surety bond. The premium is a fraction of the full amount of your bond, also known as the bond’s penal sum. The penal sum is the extent of its coverage: the maximum amount of compensation that the surety may extend to an obligee.
When sureties assess applicants in order to offer them a rate, they primarily look at their personal credit score, which is a strong indicator of how safe or risky it is to bond an applicant. They also consider:
- Personal and business financial statements
- An applicant’s asset profile
- An applicant’s experience and work record
Applicants with high credit scores usually receive a premium at standard market rates, which range between 1%-4% of the full amount of their bond.
But those with bad credit scores can also get bonded with Bryant Surety Bonds, even though their score makes them riskier to bond. Through our Bad Credit Surety Bond Program, at a rate between 5%-15%, applicants can get most types of bonds, and from the same expert surety providers. We work with a number of highly professional companies, who can offer tailored solutions to all our customers.
Try our surety bond cost calculator to get an immediate estimate of the cost of your bond. For a free and precise quote, just submit your application and we will get in touch with you very soon.
You can find out more about the cost of your bond by visiting our Surety Bond Cost page.
How to Get Bonded in New York
To get your New York surety bond you simply need to apply online. Applying takes only a minute or two, regardless of the bond you need. As soon as we process your application and approve it we’ll contact you with your free quote.
Call our surety bond experts at (866)-450-3412 to get more information about your bond application, or about the bonding process. We look forward to hearing from you!
Find out more about surety bonds by reading our extensive ‘What is a Surety Bond’ guide.