New York Motor Vehicle Accident Prevention Course - Alternate Delivery Method (ADM) Bond
What is a New York Motor Vehicle Accident Prevention Course - Alternate Delivery Method (ADM) Bond?
This bond is required of private companies, organizations, or corporations (known as “course sponsors”) who are intending to offer Alternate Delivery Methods (ADM) courses for point and insurance reduction benefits.
The purpose of this bond is to ensure that any person who will be harmed by the misconduct of the course sponsor will be compensated. The violations include the following:
- Security or data breach by the Principal (course sponsor) related to the Principal's ADM Course
- Principal stops doing business in the State of New York during the pilot period
- Principal fails to reimburse fees paid by ADM Course students if the Principal is unable to provide the ADM Course paid for
How much does a New York Motor Vehicle Accident Prevention Course - Alternate Delivery Method (ADM) Bond cost?
Bond premium starts at 1% of the bond amount for those who have excellent credit scores. The bond amount is $100,000.
Those who have very low credit scores are still eligible to apply. We offer a Low Credit Score Bond Program that aims to provide bonds for high-risk applicants.
Check out what you need to pay by getting your FREE SURETY BOND QUOTE HERE!
How can I get a New York Motor Vehicle Accident Prevention Course - Alternate Delivery Method (ADM) Bond?
We’ve created an easier application process for you so that you can get your bond in no time. Just follow these 3 simple steps:
STEP 1: Apply for this bond
If you’re ready to apply now, you may do so HERE!
STEP 2: Prequalification
You will be asked to provide a few important information for this step. This is to check your financial history, business performance history, and your credit score. An underwriter will carefully evaluate all those.
STEP 3: Bond issuance
Once the underwriter is done with the prequalification process, you’ll be asked to sign the indemnity agreement. After that, the bond will immediately be issued and sent to you!
How does a New York Motor Vehicle Accident Prevention Course - Alternate Delivery Method (ADM) Bond work?
There are 3 parties to this bond: Principal, Obligee, and the Surety.
The Principal is the course sponsor, the Obligee is the New York Department of Motor Vehicles, and the Surety is the company that will provide the bond. This bond serves as an assurance regarding the Principal’s fulfillment of the bonded obligations. The Surety will extend its credit to the Principal in case the Principal fails to fulfill the obligations. The Surety will settle any valid claim made against this bond. However, the Principal will pay the Surety after.