New York Surety Bonds

A New York surety bond can start at $100, depending on the trade. Required bond amounts vary; for example, retail dealers may need up to $20,000, while collection agencies might require up to $5,000.

Instead of paying the full bond amount, you can purchase a surety bond at a premium rate through an authorized surety company in New York, this cost typically ranges from 1% to 10% of the required bond amount. The exact rate depends on the applicant's credit score, assets, and professional experience. Generally, a good credit score means you’re less risky, so you can pay less for the bond. Here’s a breakdown of common surety bonds and their costs based on credit score.

1. Determine the Surety Bond You Need

Surety bond requirements are established by local, state and federal authorities, based on the trade. For example, the FMCSA is the responsible authority for freight broker bonding. The New York Department of Financial Services can provide more information about the state’s required mortgage licenses and bonds. Depending on your business, you have to get a surety bond for a specific amount.

We recently helped a mortgage broker secure a $10,000 bond to start her business in New York. She was frustrated by the amount of paperwork involved in the licensing process, and was worried that she may not be able to open her mortgage brokerage. We were able to assist her in getting a bond quickly, giving her the flexibility to move forward and complete her licensing. 

2. Apply for Your Bond

One of the main reasons bonding is so easy with Lance Surety Bonds is that we use an online application form. Simply choose the bond you need and fill out some basic information about yourself and your business. 

3. Receive a Bond Quote

Typically, we can provide a bond quote quickly. However, depending on the situation and the complexity of the bond, a quote may take up to 24 or 48 hours to process. We always guarantee that you’re getting the best premium rate possible. 

4. Pay the Surety Bond Premium

Once you pay your bond premium, we’ll send you the bond electronically. Upon request, we can also mail the bond. Many bonds are valid for up to a year, but not always. Make sure to check with the obligee to verify the bond duration.

If you have any questions or encounter difficulties, we're here to assist you. Contact us online, or reach us by phone at (877) 514-5146.

• New York Health Club Bond
• New York Immigration Assistance Service Providers Bond
• New York Money Transmitter Bond

• New York Department of Motor Vehicles
• New York Department of Financial Services
• The New York City Department of Consumer and Worker Protection
• New York Department of Consumer and Worker Protection

Lance Surety Bonds is licensed to underwrite surety bonds in New York.