New York Self-Insurers Representative Bond Guide
If you’re applying for a self-insurer representative license in New York, you’ll likely need this surety bond.
Bond Overview
- Purpose: To repay damages if a representative violates state laws
- Who Needs It: Individuals or companies representing self-insurers at a hearing or investigation
- Regulating Body: The New York Workers’ Compensation Board
- Required Coverage: $5,000
- Premium Rate: $100
Learn all about the bond requirements and process in this guide.
What Is a New York Self-Insurers Representatives Bond?
A New York self-insurers representatives bond enforces compliance with the Workers’ Compensation Law. It acts as financial security to repay harmed parties if a representative violates the law.
The New York Workers’ Compensation Board requires this bond as part of the licensing process for self-insurer representatives in the state.
How Much Do Self-Insurers Representatives Bonds Cost?
A $5,000 New York self-insurers representatives bond costs a flat rate of $100. No credit check required!
Click below to buy your bond in minutes.
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
How Do I Get My Bond?
With SuretyBonds.com, you can buy your New York self-insurers representatives bond instantly online. Just enter your information and checkout in minutes.
We’ll mail you the bond via your preferred shipping method. Be sure to file it with the New York Workers’ Compensation Board as instructed.
If you have any questions, call our friendly surety experts at 1 (800) 308-4358 for assistance.
How Does a New York Self-Insurers Representatives Bond Work?
A self-insurers representatives bond creates a legal contract between these three parties:
- Principal: You, the self-insurer representative filing the bond
- Obligee: The New York Workers’ Compensation Board requiring the bond
- Surety: The provider issuing the bond
This holds you financially responsible for upholding Section 50 of the Workers’ Compensation Law of New York and all other applicable laws.
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 self-insurers representatives bond, simply pay your renewal invoice when prompted and we’ll issue a new bond.
We’ll begin contacting you by phone and email 90 days before the expiration date.
