New York Farm Products Dealer Bond
AmeriPro Surety Bonds | 844-589-9732
Licensing and the Surety Bond Purpose
Businesses which purchase and deal with farm products in New York state, and which exceed $20,000 in transactions annually, must register with the state’s Department of Agriculture and Markets.
A surety bond requirement is also mandated (or, you may choose a letter of credit).
The surety bond serves as a financial guarantee that you will be in compliance with all relevant portions of Article 20 of New York’s Consolidated Laws, as amended.
More specifically, the surety bond is a financial pledge that your business will honestly account for all farm products received; and that, moreover, you’ll pay any fees due in a timely manner.
Amount, Qualifying, and the Premium
The amount of the New York farm products dealer surety bond required of you will be determined by the Department based upon their assessment and evaluation of your business.
Applicants who require a surety bond up to and inclusive of a $50,000 surety bond requirement will be approved by our agency immediately, and without either an underwriter review or a credit check.
The premium will be ¾ of 1% annually, subject to a $100 minimum (i.e. a $50,000 surety bond will have a $375 annual premium).
Applicants who require a surety bond greater than $50,000 will be asked to complete an application and undergo an underwriter review. To be approved for a surety bond amount exceeding $50,000, good credit is required; the rate is the same ¾ of 1%.
Issuing Your Surety Bond
After approval of your farm products dealer bond and payment of the premium, our agency issues your bond to you immediately.
We will have your original surety bond notarized as Surety; and upon receipt, you’ll have your bond notarized as Principal.
Included with your surety bond will be a Power of Attorney form and a surety financial statement.
All completed documents will be filed by you to:
New York Division of Agricultural Devleopment
10B Airline Drive
Albany, NY 12235
AmeriPro Surety Bonds provides farm-related surety bonds nationwide. We are also a provider of license and permit, court, and probate surety bonds in all 50 states.
Please call our agency today at:
Or, you may fill out the form below and a Surety Agent will contact you…