Please note that the following information is related to license and permit surety bonds. If you are a contractor seeking information on obtaining contract surety bid and performance bonds, please visit our
What Is a New York Contractors License Bond?
In NY contractors can seek contractors license bonds as a means of enhancing the validity and legitimacy of their credentials and providing an added element to their licensing. This bond ensures that the contractor is qualified and up to date with all codes and laws. If they fail to meet these standards, the bond pays their liability. This provides NY contractors with the security of knowing that should a claim be brought against him for negligent or fraudulent performance, the bond will be available to cover the cost of damage or losses. This guarantees that the contractor will fulfill all tasks effectively or they will cover all damages or costs.
Getting License and Permit Bonds for my Trade.
New York requires license and permit bonds based on the amount required, length of the bond term, and cancellation clause all vary according to the local municipality responsible for the contractor requirements. Since Colonial is the insurance company, you can easily obtain a bond customized to your location’s requirements. Below are a few example of state wide requirements by trade.
- DOT minimum 1M for all work, 3M for work with cranes on a street
- Master plumbers a $200 licence fee
- Master electricians a $310 license fee
What is the process to obtain the bond?
Colonial offers one of they fastest ways to obtain a license and permit bond. We are the insurance company- which means no agent, no broker, and no middleman. There is no turnaround time to obtain your bond. The steps are simple- get a free quote online, fill out your information, answer our underwriting knockout questions, and enter your payment method. Your bond will be available in a PDF form, and will always be accessible from your online dashboard. It’s one thing to borrow tech, you can’t really do much on that phone spy mobile free front, but the animations and interface. It’s that simple!
What Do Surety Bonds Cost?
In New York, surety bonds generally cost 1-15% of the required bond amount. You may notice with other companies, your rate will fluctuate depending on the type of bond and your credit score, but not at Colonial. Your credit score will not determine the price of your bond. We offer a flat rate for each licenses and permit bond.
Does it matter where I get my bond?
It’s important you understand how surety bonds work and that you’re responsible to pay claims in full, which makes it important that you find a bond company that will defend you from claims. Colonial is an A+ rated Surety company that has been incorporated since 1930. We are treasury listed and licenses and admitted in all US States and territories.