New York Self-Insurers Representatives Bond
AmeriPro Surety Bonds | 844-589-9732
Third Party Administrators; Purpose of the Surety Bond Requirement
Third party administrators, who according to the New York Workers Compensation Law, statutes §50 3-b and 3-d offer to represent self-insurers, must obtain a $5000 surety bond as a condition of licensing.
The purpose of this surety bond requirement is to serve as a guarantee for the Workers’ Compensation Board of the State of New York, that you’ll observe all laws and rules as mandated in the two statutes noted above, as amended.
Qualifying and the Premium
You are automatically approved for the $5,000 New York self-insurers’ representatives’ bond. There is no credit check or underwriter review for this surety bond, and the premium is $100 annually.
Obtaining your bond is easy and takes a few minutes.
All we need is basic information: The name, as it should appear on your surety bond, along with your other contact information.
After paying the $100 premium, our agency issues your bond to you immediately. Along with your surety bond, we’ll sign your bond and have it notarized as Surety; and upon receipt you’ll sign and have it notarized as Principal.
Included with your surety bond will be a Power of Attorney form.
You’ll file all completed documents to:
State of New York
Workers Compensation Board
Albany, NY 12241
Premium Prepayment Options
The $100 premium for your New York self-insurers’ representatives’ bond is for a one year period. The bond renews annually.
You may prepay the premium on this surety bond up to 3 years, thereby offering you a savings over annual renewals.
The premium prepayment option and savings are as follows:
- If prepaid for 2 years, the premium is $180, a $20 savings;
- If prepaid for 3 years, the premium is $260, a $40 savings.
AmeriPro Surety Bonds provides license and permit surety bonds, probate, injunctions, and other bond in New York and all 50 states.
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