Surety Bond Professionals is a family-owned and operated bonding agency dedicated to meeting the bonding needs of clients in the Northeast and nationwide. With more than 30 years of experience, we work with over 25 surety markets to provide our clients with a wide selection of surety products at competitive rates. We are well-equipped to assist you with all of your New York surety bond needs.
Continue reading below to learn more about common New York bonding requirements, or use our online form to request a quote now.
Required Surety Bonds in New York
Typical New York bonds include (click on any for more info):
| Surety Bond | Obligee | Bond Amount | |
|---|---|---|---|
| Administrator Bonds | Various Courts | Varies | Apply Now |
| Alcohol Bonds | NY Division of Alcoholic Beverage Controls | Varies | Apply Now |
| Appeal Bonds | Various Courts | Varies | Apply Now |
| Attachment Bonds | Various Courts | Varies | Apply Now |
| Auto Dealer Bonds | Division of Motor Vehicles - Dealer Licensing Bureau | Typically $25,000 - $50,000 | Apply Now |
| Bid Bonds | Project Owner or GC requiring bonds | Varies | Apply Now |
| Construction Bonds | Project Owner or GC requiring bonds | Varies | Apply Now |
| Contractor License Bonds | Various State/Municipal Entities | Varies | Apply Now |
| Court Bonds | Various Courts | Varies | Apply Now |
| Cryptocurrency Bonds | Various State Entities | Varies | Apply Now |
| DMEPOS Bonds | Centers for Medicare and Medicaid Services (CMS) | $50,000 | Apply Now |
| Encroachment Bonds | Various State Highway Department | Varies | Apply Now |
| ERISA Bonds | Fund Beneficiaries | Often ~ $1,000,000 but may vary | Apply Now |
| Express Script Bonds | Express Scripts (required on a federal level) | $500,000 | Apply Now |
| Fidelity Bonds | Employer | Varies | Apply Now |
| Freight Broker Bonds (BMC-84 Bonds) | Federal Motor Carrier Safety Administration (FMCSA) | $75,000 | Apply Now |
| Health Club Bonds | The State in which the Health Club operates | $50,000 | Apply Now |
| Janitorial/Cleaning Service Bonds | Varies | Varies | Apply Now |
| License & Permit Bonds | Varies | Varies | Apply Now |
| Liquor License Bonds | NY Division of Alcoholic Beverage Controls | Varies | Apply Now |
| Lost Instrument Bonds | Typically runs to the Transfer Agent | Varies | Apply Now |
| Lottery Bonds | Various Lottery Commissions | Varies | Apply Now |
| Maintenance Bonds | Project Owner or Municipality | Varies | Apply Now |
| Marijuana Bonds | Various State Entities | Varies | Apply Now |
| Mechanic's Lien Bonds | Typically the Local/State Registry of Deeds | Varies | Apply Now |
| Money Transmitter Bonds | Various State Entities | Varies by State | Apply Now |
| Mortgage Broker Bonds | Bank Commissioner, Banking Dept. | $50,000 | Apply Now |
| Motor Vehicle Dealer Bonds | Division of Motor Vehicles - Dealer Licensing Bureau | Typically $25,000 - $50,000 | Apply Now |
| Notary Public Bonds | Various Secretary of States | $500 - $25,000 | Apply Now |
| Paid Family Medical Leave (PFML) Bonds | Various State Entities | Varies | Apply Now |
| Performance & Payment Bonds | Project Owner or GC requiring bonds | Varies | Apply Now |
| Probate & Fiduciary Bonds | Various Courts | Varies | Apply Now |
| Reclamation Bonds | Various Government Entities | Varies | Apply Now |
| Solar Decommissioning Bonds | Typically Town/City/State | Varies | Apply Now |
| Subdivision/Site Improvement Bonds | Various Municipal Entities | Varies | Apply Now |
| Supply Bonds | Project Owner or GC requiring bonds | Varies | Apply Now |
| Title Bonds | State's DMV | Varies | Apply Now |
| Tobacco Bonds | Various State Entities | Varies | Apply Now |
| Utility Bonds | Utility Company | Varies | Apply Now |
Don’t see the bond you need listed? Get in touch and let our experts help!
Required Surety Bonds In New York
In New York, there are three main categories of surety bonds: construction and contractor bonds, license and permit bonds, and court bonds. The vast majority of surety bonds issued in the state fall into one of these “buckets.”
New York Construction Bonds
Construction surety bonds have been our specialty for more than three decades. Our professional surety agents have the knowledge and experience to answer any questions related to surety bonds, and are ready to get you bonded at a competitive price.
Unless you operate a crane or handle asbestos, you won’t need to obtain a license or a contractor license bond at the state level in New York. But there are other construction bonding requirements at both the state and local levels. For instance, state and local public works projects in New York typically carry specific requirements for bid bonds, performance bonds, and payment bonds:
- A bid bond is a contractor’s pledge to accept the project if chosen as the winning bidder.
- A performance bond is a contractor’s guaranty to fulfill all contractual obligations in accordance with the law and with prevailing ethical standards.
- A payment bond ensures that a contractor’s suppliers, subcontractors, and labor will be paid as specified in the contract.
Our agents can help you understand any other bonding requirements that may apply to your situation as well.
New York License & Permit Bonds
Many businesses must be licensed before they can operate legally in New York. That typically entails purchasing a license bond. These bonds guarantee that the licensee will conduct business in a lawful and ethical manner. They provide financial protection for the state and for consumers. The New York Department of State’s Division of Licensing Services (DLS) currently issues licenses for 35 occupations, including:
- Appearance enhancement, such as cosmetology, esthetics, nails, hair styling, waxing
- Real estate brokers, salespeople, and appraisers
- Security guards, armored car services, private investigators, and other security-related occupations—and more
In some municipalities there are licensing and bonding requirements for plumbers, home improvement contractors, and other construction-related businesses. For example, home improvement contractors must be licensed and bonded to work in the cities of New York and Buffalo and in Suffolk, Nassau, Westchester, Putnam, and Rockland counties.
New York Court Bonds
There are two main types of court bonds (also known as judicial bonds) in New York:
- Appeal bonds, such as plaintiff bonds or defendant bonds, that ensure the payment of any damages, court costs, or legal fees that result from losing an appeal or other ruling
- Bonds that guarantee the compliance of those with court-ordered fiduciary responsibilities with applicable laws and the rules of the court (for example, executors, guardians, conservators and trustees)
Apply Now
Our experienced professionals will gladly answer any questions you may have about New York surety bonds to help you get the bonds you need. Request a quote today!
Frequently Asked Questions
There are three parties to every surety bond agreement, which is a legally binding contract:
- The “obligee” is the state or local agency requiring the surety bond.
- The “principal” is the party required to purchase the bond.
- The “surety” is the company underwriting and issuing the bond.
- The obligee sets the required amount of the bond, which is the maximum amount that will be paid out on a claim. The obligee also spells out the conduct required of the principal in order to avoid claims against the surety bond.
Any party who suffers a financial loss because the principal has violated the terms of the bond has the right to file a claim against the bond. The principal is solely responsible for paying all valid claims.
However, the surety will often pay a claim and wait to be reimbursed by the principal. This ensures timely settlement of the claim and gives the principal some time to gather the necessary funds.