New York City Taxicab Broker Bond
AmeriPro Surety Bonds | 844-589-9732
New York City Taxicab Brokers
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.
New York City Taxicab Broker Bond: The Bond’s Purposes
According to New York City law, the $50,000 New York taxicab bond serves the following purposes:
- It is a financial guarantee that judgments or settlements relating to the taxicab Broker license will be paid;
- The bond serves as a financial guarantee that all fines given by the Commission relating to the Broker license will also be paid;
- The bond, finally, serves as a financial guarantee that a New York City taxicab broker will fully comply with all rules, laws, and statutes which regulate a NYC taxicab broker’s professional conduct.
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.
Qualifying for a New York City Taxicab Broker Bond: The Premium
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.
Duration of the NYC Taxicab Broker Bond
The bond is issued for one year, renews annually, and should have active dates which coincide with the license issued by the Commission.
About AmeriPro Surety Bonds
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.