New York Installer of Manufactured Homes Bond
What is a New York Installer of Manufactured Homes Bond?
Corporations and single proprietors who have applied for a certification from the New York State Department of State, Division of Code Enforcement and Administration, Manufactured Housing Unit to install or service any manufactured home in the state of New York are required to furnish this surety bond.
The reasons for this surety bond are as follows:
- To ensure compliance of the installer to Article 21-B of the Executive Law New York Laws and Part 1210 of Title 19 of the NYCRR
- Promptly pay all civil penalties levied or assessed against the installer and/or any such employee/s of the installer
- Promptly pay “Article 21-B orders” made against the installer or the employee/s of the installer
- Promptly pay or satisfy all “Article 21-B judgments” entered against the bonded installer of manufactured homes and/or any his or her employee/s
How much does a New York Installer of Manufactured Homes Bond cost?
This will vary per installer of manufactured homes. The bond premium, or the amount that the installer will pay the surety, will depend on the installer’s credit score and the bond amount.
The bond amounts are as follow:
- Single Proprietorship – $10,000
- Corporation – $10,000
Installers who have excellent credit scores will be eligible to pay as little as 1.5% of the bond amount.
Check out what you need to pay by getting your FREE SURETY BOND QUOTE HERE!
How can I get a New York Installer of Manufactured Homes Bond?
We have made the surety bond procedure easier for you! Just follow these simple steps:
STEP 1: You must first apply for this type of surety bond. If you are ready to do that now, you may APPLY HERE!
STEP 2: We will inform you about the important documents that you need to submit for this step: Underwriting. An underwriter will take a thorough look at the following:
- Your financial strength
- Your job performance history
- Your credit score
STEP 3: After the underwriting process has been fulfilled, we will issue your surety bond and send it to you immediately!
How does a New York Installer of Manufactured Homes Bond work?
This bond is a legal assurance provided by two parties to another party. The two parties being the Principal (installer of manufactured homes) and the Surety or the surety bond company who will issue the bond. The Obligee is the party requiring the assurance and the beneficiary of this bond. In this case, the obligee is the New York State Department of State, Division of Code Enforcement and Administration, Manufactured Housing Unit.
No action will be taken against this bond as long as the Principal fulfills all his bonded obligations. If the violates the bonded obligations mentioned above, the obligee will file a bond claim to recover the amount necessary. The Surety will settle the claim. The Principal must reimburse the Surety soon after.