What is a New York Process Serving Agency Bond?
Get to know the purpose of this surety bond and how to apply for one!
Process serving agencies that distribute processes to individual process servers within the State of New York needs this surety bond!
Before a process serving agency can assign different processes to its process servers, it should first obtain a license from the New York City Department of Consumer Affairs.
In pursuance of Sections 20-403 et. Seq of the New York City Administrative Code, the license applicant is required to submit a surety bond along with the application.
The purpose of the surety bond is to ensure the process serving agency’s compliance to the relevant rules and laws. The surety bond will also be a financial guarantee for the process of serving the agency’s potential misconduct. The person who has been harmed by the misconduct will be indemnified through the surety bond.
What is the Process Serving Agency Bond amount?
The bond amount is $100,000.
Those who have excellent credit scores will be eligible for a very low bond premium, or just 1% of the bond amount!
How can I get a Process Serving Agency 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 bond should be issued by a surety bond agent or company that is authorized to conduct business in the State of New York
- The surety bond should be made payable to the People of New York for the benefit of anyone who has been injured by the licensee
- The licensed process serving agency must obey the provisions of Sections 20-403 et. seq of the New York City Administrative Code, as well as the rules and regulations of the New York City Department of Consumer Affairs
- If the licensed process serving agency violates any of the provisions or the conditions of the surety bond, the aggrieved party or the Obligee will be able to file a claim against the bond
Need further details? Call us at 800-333-7800!