According to New York state law, New York taxicab brokers are engaged in the profession of acting as a go-between for the transfer of taxicab licenses.
The New York City Taxi and Limousine Commission requires NYC taxicab brokers to obtain a $50,000 surety bond in addition to other licensing requirements.
According to New York City law, the $50,000 New York taxicab bond serves the following purposes:
As you’ll notice, the bond’s afforded protections are solely for the benefit of others; they do not protect the taxicab broker at all, although it is a prerequisite for licensing by the Commission.
If a claim were ever to be paid from the surety bond, it would be the legal responsibility of the licensed broker to reimburse the surety for all costs involved in satisfying that claim or claims.
The premium represents the price that you’ll pay for a NYC taxicab broker bond.
Fortunately, the premium is a small percentage of the bond’s amount. The amount may be as low as 1% annually.
AmeriPro Surety Bonds encourages you to allow us to take your application over the phone. We feel that it allows us to get to you know slightly better, and we can explain any seeming inconsistencies or answer questions regarding your application.
The premium amount you will pay will be determined largely by the information provided in the application and a standard credit check as part of the application process.
AmeriPro Surety Bonds can find fair bonding pricing for any credit situation.
The bond is issued for one year, renews annually, and should have active dates which coincide with the license issued by the Commission.
NYC taxicab brokers can take comfort in the fact that AmeriPro Surety Bonds is a surety-bonds only agency providing surety bonds throughout New York and New York City.
We don’t have divided duties. We work to get you the best pricing for your taxicab broker bond.
We can also provide any other type of surety bond in New York City, New York and nationwide.