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New York
Farm Products Dealer Bond

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Coverage Amount: $1,000 - $400,000
Term Length: 1 year
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New York Farm Products Dealer Bond Guide

If you’re applying for a farm products dealer license in New York, you’ll likely need this surety bond. 

Bond Overview

  • Purpose: To ensure that dealers pay product producers fairly and on time 
  • Who Needs It: Farm product dealers in New York
  • Regulating Body: The State Department of Agriculture and Markets: Division of Agricultural Development 
  • Required Coverage: $1,000–$400,000
  • Premium Rate: 2–10%, based on credit score

Learn all about the bond requirements and process in this guide. 

What Is a New York Farm Products Dealer Bond?

A New York farm products dealer bond ensures that dealers are paying farm product producers in a timely manner. It protects producers from substantial financial loss if a dealer misses a payment. 

The required bond amount varies between $1,000 to $400,000 and is determined by the business’s assets and financial condition.

How Much Do Farm Product Dealer Bonds Cost?

New York farm products dealer bonds cost a small percentage of the total coverage amount, typically 2–10%.

Exact rates vary based on personal credit score. Apply for your free quote now!

Bond Type
$1,000-$400,000Farm Products Dealer Bond

SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees. 

Who Needs a Farm Products Dealer Bond? 

A dealer refers to any individual that buys farm products to resell to another party. This includes brokers, processors, and merchants. Common examples of resellable farm products are:

  • Livestock and poultry
  • Nuts
  • Honey
  • Wool
  • Grains 

The New York State Department of Agriculture requires product dealers to get this bond or a letter of credit as a form of financial security to get licensed. 

A surety bond is the most affordable and efficient option and only requires a premium payment, while letters of credit require a 100% cash collateral deposit. 

How Do I Get My Bond?

SuretyBonds.com provides the fastest and easiest way to get a New York farm products dealer bond. Just follow these quick steps: 

  1. Apply: Submit an online quote request form
  2. Quote: Receive your quote within one day
  3. Sign: Complete the indemnity agreement 
  4. Buy: Purchase the bond online 24/7

We’ll mail you the bond via your preferred shipping method. Be sure to file it with the Division of Agricultural Development as instructed. 

If you have any questions, call our friendly surety experts at 1 (800) 308-4358 for assistance. 

How Does a New York Farm Products Dealer Bond Work? 

A farm products dealer bond creates a legal contract between these three parties: 

  1. Principal: You, the farm products dealer filing the bond
  2. Obligee: The New York State Department of Agriculture requiring the bond
  3. Surety: The provider issuing the bond

This holds you financially responsible for upholding the provisions of New York Law Chapter 20. 

If you break the bond terms, harmed parties can file claims. The surety will pay valid claims up to the bond amount, but you must ultimately refund the surety. 

How Do I Renew My Bond?

These bonds expire annually. To renew your farm products dealer bond, simply pay your renewal invoice when prompted. 

We’ll begin contacting you by phone and email 90 days before the expiration date. 

More Resources

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