New York Self-Insurers’ Representative Bond

What is a New York Self-Insurers’ Representative Bond?

Representatives of employers who wishes to self-insure for workers’ compensation are required to get this bond as a license requirement. This bond will be used for the recovery of damages that has resulted due to the violation of the representative.

Other than an attorney and counsellor-at-law, any person who is appointed by individual self-insurers or group of self-insurers to apply for a license from the Workers’ Compensation Board of the State of New York must be licensed. Once licensed, the person will be permitted to represent or engage in representing self-insurers or group self-insurers before the board during hearing, investigation, or inquiry relative to a claim for compensation or benefits.

The Chairman of the Workers’ Compensation Board of the State of New York may impose a civil penalty of up to $1,000 for each violation against any self-insurers’ representative who will violate the relevant laws of the state and the rules of the Board.

Qualifications of a self-insurer representative are as follows:

• Must be a citizen of the United States or an alien lawfully admitted for permanent residence in the United States
• A corporation organized under the laws of the state of New York

How much does a New York Self-Insurers’ Representative Bond cost?

This will depend on the self-insurer’s credit score. Those who have excellent credit scores will only pay as little as 2% of the bond amount.

The bond amount is $5,000.

Check out what you need to pay by getting your FREE SURETY BOND QUOTE HERE!

How can I get a New York Self-Insurers’ Representative Bond?

We have a secured online surety bond service. No need to come to our office. You can apply for this bond from the comfort of your home. Just follow these easy steps:

STEP 1: Apply for this bond

If you’re ready to apply now, you may do so HERE!

STEP 2: Underwriting

We’ll ask you to submit documents that will be used to assess your financial history, business performance history, and your credit score. An underwriter will carefully evaluate all these.

STEP 3: Bond execution

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 Self-Insurers’ Representative Bond work?

This  bond  will  serve  as  an  agreement  among  the Principal (self-insurers’ representative), Obligee  (People of the State of New York), and Surety (surety  bond  provider).

Through this bond, the Surety is assuring the Chairman of the Workers’ Compensation Board of the State of New York that the Principal will perform the required obligations. If  the  Principal  fails  to  do  any  of  the  bonded obligations, the  Obligee  can  file  a  bond  claim.

The Surety will first check if the claim is valid.  Once  the  Surety  has  settled  the  claim,  the  Principal  will  reimburse  the  Surety  for  the  payments  made.

APPLY FOR THIS BOND HERE!