New York Importing/Exporting Transporter of Motor Fuel License Bond
What is a New York Importing/Exporting Transporter of Motor Fuel License Bond?
Every person who is applying for a license as an importing or exporting transporter of motor fuel must submit this bond to the New York Department of Taxation and Finance.
The Commissioner of Taxation and Finance requires this bond as a guarantee of the importing or exporting transporter of motor fuel compliance to Article 12-A of the Tax Law and the regulations of the Department of Taxation and Finance.
In addition to that, if the importing or exporting transporter of motor fuel violates the aforementioned laws and regulations, including payment of necessary taxes, the person who will suffer damages will be eligible to recover the amount through a bond claim.
This requirement is in pursuance of Section 283-A Article 12-A of the New York Code.
How much does a New York Importing/Exporting Transporter of Motor Fuel License Bond cost?
The bond premium will be a percentage of the bond amount. The bond amount will be determined by the New York Department of Taxation and Finance.
Bond premiums will depend on the importing or exporting transporter of motor fuel’s credit score.
Bond premium starts at $150 for those who have excellent credit scores.
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How can I get a New York Importing/Exporting Transporter of Motor Fuel License Bond?
Just follow these simple steps:
STEP 1: Bond Application
You may send your application for this bond HERE!
STEP 2: Underwriting
Our expert underwriter will evaluate the requirements that you will submit. Some of these are as follows:
- Proof of your financial capability
- Your business’ history
- Your credit score
To avoid any delay, make sure that your requirements are complete before submitting them.
STEP 3: Sign the Indemnity Agreement
A surety bond is an indemnity product. As such, you will be asked to sign an indemnity agreement before its issuance.
As soon as the underwriter has completed the necessary in-depth check, and as soon as you have signed the indemnity agreement, we will immediately issue the surety bond and send it to you.
How does a New York Importing/Exporting Transporter of Motor Fuel License Bond work?
A surety bond is a three-party agreement.
Principal – importing and exporting transporter of motor fuel
Obligee – People of the State of New York
Surety – Surety bond company
This bond will protect the Obligee against losses if the Principal violates any of his or her obligations. The bond will remain void if the Principal fulfills all the required obligations without any violation. If the opposite happens, the Obligee will seek compensation for the losses incurred by filing a claim against the bond. The Surety will pay the Obligee, but the Principal must reimburse the Surety after.
Ready to apply for your surety bond? START HERE!