What is a New York Auctioneer Bond?
Know the importance of this surety bond and how to get one!
Auctioneers greatly affect how an auction is conducted and its outcome. They increase the crowd’s excitement, as well as the amount of the item at every auction.
Their vital importance is undeniable, but to perform their duties, they must first submit a surety bond.
Both the City of New York and the City of Jamestown require auctioneers to procure a surety bond as part of the license requirement.
Apart from ensuring the compliance of the auctioneer to the laws and rules, the surety bond will also serve as a financial guarantee that the bonded auctioneer has the capability to compensate any individual that will be harmed by his or her misconduct or violation.
The requirement complies with Section 20-279 of the New York City Administrative Code and Section 101-3 of the City of Jamestown Code.
What is the Auctioneer Bond amount?
$2,000 – City of New York
$5,000 – City of Jamestown
If you have an excellent credit score, you will be eligible to pay for a low bond premium!
Check out what you need to pay by getting your FREE SURETY BOND QUOTE HERE!
How can I get an Auctioneer Bond?
To secure this type of bond, the Auctioneer license applicant must seek the assistance of a surety bond company.
You will be asked to apply for this bond. If you’re ready to apply for one right now, you may easily do so HERE!
Once the application is received, the surety bond company will immediately process it. In our case, one of our expert surety bond agents will guide you through the whole process from the time you applied for the bond. We will make sure that you understand all the conditions before we issue the bond.
An underwriter will then evaluate your financial strength, job/business performance history, and your credit score. Some applicants may skip the underwriting process.
Once the pre-qualification process is fulfilled, we will execute the bond and send it to you!
What are the bond requirements?
- The surety bond agent or company should be authorized to conduct business in the State of New York
- The surety bond should be made payable to the Cities of New York or Jamestown
- The surety bond should be written in a form that is approved by the Commissioner of Consumer Affairs or the Director of Financial Services/City Clerk
- The licensed auctioneer must follow the provisions of Title 20 of the New York City Administrative Code, Chapter 101 of the City of Jamestown Code, and all the other relevant rules
- If the licensed auctioneer commits a valid violation, the aggrieved party will be eligible to file a claim on the surety bond
Get bonded fast! APPLY NOW!