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.