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Surety Bonds in New York

Surety Bond New York

Viking Bond Service has many years of experience helping New York businesses find the right surety bonds. Our team is made up of experienced and knowledgeable surety bond specialists who make the process of acquiring a surety bond quick and easy. Businesses are often required to have surety bonds in place to comply with both state and federal regulations. Viking Bond Service is here to ensure that your business has the necessary bond in place to operate legally in the state of New York.

How Do Surety Bonds in New York State Work?

There are many different surety bond types, each with different rules and conditions, but all New York surety bond requirements function in basically the same way. There are always three parties involved:

  • Principal - The person who must get the New York state bond and pay for any claims filed against it.
  • Obligee - The person who has the right to file claims against the surety bond seeking compensation for damages caused by the principal as a result of illegal or unethical behavior or breaches of contract.
  • Surety - The company that underwrites the bond, meaning they agree to settle claims with the obligee when the principal can't or won't. The surety guarantees payment to the obligee, but they do not relieve the financial liability from the principal, who must fully repay the surety the settlement amount (plus interest and fees) in a timely manner.

Who Needs Surety Bonds in New York?

New York surety bond requirements are common throughout the business world. Someone may need to get a certain type of surety bond with a minimum coverage amount before they are eligible for a business or professional license. Contacts between construction companies and their clients often involve surety bond requirements. But those requirements exist outside the business world as well. For example, utility companies sometimes require a surety bond before starting service. It's a good idea for everyone in New York state to know about a surety agency like Viking Bond Service that makes it fast and easy to meet any surety bond requirement.

How to Get a Surety Bond in New York

To find an affordable surety bond in NY, you'll need to work with an experienced surety bond company like Viking Bond Service. Viking Bond Service works with all types of bonds, including contract and commercial bonds. For many bonds, the application process is quick and easy and can be completed using our online application form. For more detailed bonds like contract performance bonds, the application process is slightly more complicated, and one of our bond experts will guide you through the application process. All bond applications will require you to submit a completed application and, when necessary, any supporting documentation. The additional documentation provides information about your financial strength and your credit history so that the surety can provide you with an accurate quote.

The Cost of Surety Bonds in New York

The type of bond and the financial history of the bond applicant determine the cost of surety bonds in NY. To calculate the premium, Viking Bond Service will use the supporting information submitted with your application to determine the likelihood that the bond will cost the surety money. Put simply, if you're deemed a high-risk applicant, your bond premium will be higher. The most common factors used to determine your risk level as an applicant are your credit score and your business history. People with lower credit scores are considered a higher risk. This is because a bond is a form of credit where the surety agrees to pay any claims made against the bond on your behalf after which the surety will seek payment from you.

Viking Bond Service can provide bond quotes on the same day that an application is received and can help people, whatever their credit history, secure the bond they need for their business.

Common Surety Bonds in New York

There are two main types of bonds in New York: commercial and contract bonds. Viking Bond Service can help you secure all types of surety bonds in New York.

Commercial bonds are also known as license and permit bonds. They are often mandated by state law as part of the licensing application process. There are many types of commercial bonds and some of the most common include collection agency bonds and auto dealer bonds.

Contract bonds are often used by the New York construction industry. These bonds are used as a financial backup in case the terms of a contract are not met. They protect the hiring/buying party of a contract from financial loss should the other party not provide the work, services, or goods outlined in the contract. Common contract bonds used in New York include bid bonds, maintenance bonds, payment bonds, and performance bonds.

Court bonds are a type of surety bond that a judge requires someone to get before proceeding with a trial or before allowing someone to work in a court-appointed role (as an estate executor, for instance). If someone does not follow the judge's rulings, the court bond holds them accountable.

Fidelity bonds are something that business owners choose to get (they are never required) to help recoup financial losses caused by employees that steal, commit fraud, or damage property. Similar to a form of business insurance, fidelity bonds protect business owners from an all-to-common risk.

Renewing Surety Bonds in New York

Surety bond coverage lasts for a specific term, which is usually 12 months but can be a longer or shorter period as well. If the New York surety bond requirements last for longer than that term, the bond must be renewed. An example would be a New York debt collector who needs to have surety bond coverage at all times to keep his state license valid. To renew, he would need to undergo another credit check and pay their premium, which could be less or more than before based on credit changes. The surety will provide advanced notice about the renewal, but it's the principal's responsibility to budget and account for the renewal premium.

New York Surety Bonds by Viking Bond Service

The bond experts at Viking Bond Service are here to help your business secure the surety bond it needs in NY. The quick and easy application process combined with our unbeatable customer service has made Viking Bond Service one of the premier bonding companies in the US. Request a quote now to get a number back in less than 24 hours. Or request more information by either contacting us or calling 1-888-2-SURETY (1-888-278-7389).

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