What is a New York Base License Bond?
A quick guide to one of the most important requirements for a base license!
Every person who is applying for a base license or is renewing a base license in the State of New York is required to submit a surety bond with a sufficient amount.
A base license is issued by the New York City Taxi & Limousine Commission under the For-Hire Vehicle Rules to these three types of bases:
- Base station
- Black car base
- Luxury limousine base
The surety bond will serve as a guarantee that the licensee will only dispatch vehicles that are licensed by the New York City Taxi & Limousine Commission from its base. The vehicles should also have a current New York City commercial use motor vehicle tax stamp.
If the licensee fails to fulfill the aforementioned conditions, the Obligee of the surety bond will be able to file for compensation to cover all civil penalties incurred due to the violation.
This requirement is in pursuance of Title 35 of the Rules of the City of New York.
What is the Base License Bond amount?
The bond amount is $5,000.
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 a Base License Bond?
To secure this type of bond, the license applicant or those who are renewing their licenses 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 the following:
- Your financial strength
- Your job/business performance history
- Your credit score
Once the pre-qualification process is fulfilled, we will execute the bond and send it to you!
What are the surety bond conditions?
- The surety who will issue the surety bond should be authorized to do business in the State of New York
- The surety bond should be made payable to the City of New York
- The licensee is obligated to abide by the provisions of Title 35 of the Rules of the City of New York, the rules and regulations of the New York City Taxi & Limousine Commission, and all the other relevant rules
- If the licensee commits a violation, the aggrieved party will be eligible to file a claim on the surety bond
Get licensed fast! APPLY FOR THIS SURETY BOND NOW!