What is a New York Games of Chance Bond?
Know why this surety bond matters and how to get one fast!
You need this surety bond if you:
- Promote consumer goods or services by offering any person the opportunity to receive prizes, gifts, or gratuities through a game or contest
- The prize is more than $5,000
A surety bond is needed to ensure that the person, company, or business entity who will run the game, contest, promotion, or advertising scheme will fulfill its obligations which include awarding the prize to the winner.
Through the surety bond – by Section 369-e of the New York Consolidated Laws, General Business Law – the winner will be compensated up to the penal sum of the bond should the Principal defaults on its obligations.
What is the Games of Chance Bond amount?
The bond amount will vary per applicant. The bond amount should be equal to the amount of the prize being offered or advertised.
If you have determined your bond amount, you can get your tailored surety bond premium from us! This will depend on your credit score. If you have an excellent one, you will be eligible to pay for a very low bond premium!
How can I get a Games of Chance Bond?
You can easily get this surety bond from us! We will guide you through the entire process. We’ll make sure that you will understand what you are getting into.
Here’s how to do get bonded:
- You have to send an application to us. If you are ready to do that now, you may APPLY HERE!
- After we have received your application, we will ask you to submit the necessary information needed for the underwriting process. These are the following:
- Your financial capability
- Your business or job performance history
- Your credit score
An expert underwriter will carefully evaluate all three to attain the best credit decision possible. To avoid any delay, the information that you should submit should be organized and concise.
- Your surety bond will be issued and sent 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 name the People of the State of New York as the Obligee
- The Principal of the bond should obey the provisions of 369-e of the New York Consolidated Laws, General Business Law, as well as the rules and regulations set forth by the New York Secretary of State
- If the Principal commits a violation, the aggrieved party will be eligible to file a claim against the surety bond
Need more information about this bond? Talk to us at 800-333-7800!