New York Surety Bonds

Surety Bond Requirements in NY

New York requires many different kinds of surety bonds to allow professionals, contract workers, and companies to do business in the state.

Some NY bonds are required statewide, while others are required by cities and counties. For example, mortgage broker bonds and auto dealer bonds are state-regulated. Process server bonds come under the jurisdiction of the NYC Department of Consumer Affairs. And home improvement contractors are regulated by New York City, Buffalo, and four counties.

Currently, we provide four of the most popular bonds in New York. If you need a policy to comply with state or county regulations, NNA Surety Bonds can help. We’ve been providing license bonds to companies and individuals across the United States since 1957.

We offer the following surety bonds in the state of New York:

Home Improvement Contractor Bond

According to the NY Attorney General, home improvement contractors must be licensed in New York City, Suffolk, Nassau, Westchester, Putnam, and Rockland counties, and the City of Buffalo. Surety bond amounts vary from $2,000 to $25,000 depending on your location. In New York City, for example, a $20,000 surety bond is required to be licensed.

Motor Vehicle Dealer Bond

You must post a $20,000, $50,000, or $100,000 surety bond in order to sell motor vehicles as a registered dealer in New York. Your bond’s coverage amount is determined by two factors: the number of vehicles your dealership sold during the previous calendar year, and whether you sell new or used vehicles.

  • A $20,000 bond is required for dealerships that sold 50 or fewer used vehicles throughout the previous calendar year.
  • Dealerships that sold more than 50 used vehicles in the previous calendar year must post a $100,000 surety bond. 
  • To be registered as a new motor vehicle dealer, state legislation requires a $50,000 bond. 

Mortgage Broker Surety Bond

Designed primarily to protect residential mortgage consumers, New York State mortgage broker bonds range from $10,000 to $100,000, as determined by your volume of applications. The annual bond premium can be as low as 0.5% of the full bond amount if you have excellent credit and business history, or as high as 7.5%.

NY Mortgage Broker Bond Costs Based on Business Volume
Number of Applications Per Year Bond Coverage Amount Cost
(Annual Premium)
0-24 $10,000 $100*
25-99 $25,000 $125*
100-299 $50,000 $250*
300-599 $75,000 $375*
600+ $100,000 $500*

* Cost can vary depending on the bond amount required and your credit rating

NYC Process Server Surety Bond

An individual process server operating in New York City must post a $10,000 bond to comply with NYC Administrative Code and the Rules of the City of New York. This bond protects the city and others by providing a way to file a claim on the bond should a process server fail to act professionally. 

Once your application is approved, your cost is $175 for a $10,000 process server bond. The bond’s term lasts for two years.

Please Note: this bond is for an individual process server, and should not be confused with the $100,000 NYC process serving agency bond.

New York Surety Bond Costs
Bond Name Coverage Amount Cost
(Annual Premium)
Regulatory Authority
Motor Vehicle Dealer Bond $20,000-$100,000 $180-$900 New York State Department of Motor Vehicles
Mortgage Broker Bond $10,000-$100,000 $100-$1,000 Superintendent of Banks of the State of New York
Home Improvement Contractor Bond Varies Varies* Varies
NYC Process Server Individual Bond $10,000 $175 (two years) NYC Department of Consumer Affairs

* Cost can vary depending on the bond amount required and your credit rating

Our knowledge of NY bonding requirements allows us to provide accurate quotes quickly. For guidance choosing a surety bond policy for your business, talk to one of our experts today.

For faster service, call us at 855-215-2160
Monday to Friday, 6 a.m. to 5 p.m. (PT)

Providing Bonds and Insurance Since 1957