What is a New York Private Investigator Bond?
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All private investigators in the State of New York are obligated to furnish a surety bond before they can perform their duties which include investigating the following:
- Wrongdoings or threats against the USA and its territories
- A witness’ credibility
- A missing person’s whereabouts
- A stolen property’s location
- Cause of fire
- The affiliation of a person to an organization
- An employee’s efficiency
- Securing of evidence for civil or criminal cases
The surety bond is part of the requirements for the issuance of a private investigator license. If the Secretary of State deems the private investigator license application to be sufficient, the applicant will be mandated to submit a surety bond.
The surety bond will help ensure the faithful compliance of the licensee with the relevant laws of the state and the indemnification of any person that has been injured by the licensee’s wrongful acts.
This licensure requirement is in pursuance of Article 7 of the New York Consolidated Laws, General Business Law.
What is the Private Investigator Bond amount?
The bond amount is $10,000.
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 Private Investigator Bond?
To secure this type of bond, the license applicant 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 licensed private investigator should obey the provisions of Article 7 of the New York Consolidated Laws, General Business Law; as well as the rules and regulations of the New York State Department of State
- The surety bond should be issued by a surety bond agent or company that is authorized to conduct business in the State of New York by the Superintendent of Financial Services
- If the licensed private investigator violates any of the provisions or the conditions of the surety bond, the aggrieved party will be eligible to file a claim
- The surety bond should be made payable to the People of the State of New York
- The bond should run concurrently with the 2-year license period
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