New York Surety Bonds
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 YorkTypical New York bonds include (click on any for more info):
Required Surety Bonds In New YorkIn 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 BondsConstruction 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.
New York License & Permit BondsMany 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
New York Court BondsThere 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)
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!