New York private investigators (or private detectives) are regulated by the New York Department of State.
Besides licensing, private investigators in the state must also be approved by the NYS Superintendent of Insurance (now under the New York State Commissioner of Financial Services.
The $10,000 New York private investigator bond is required as a financial guarantee that a licensed PI or detective will follows all New York state laws in their business conduct.
More specifically, the bond serves as financial guarantee for others to protect against acts of fraud, theft, criminal misconduct or malfeasance on the part of a private investigator, and any related employees, in their business conduct.
The bond, as such, then is not for the protection of the private investigator at all, but rather for those who may be harmed by the failure of a licensed investigator to perform their duties in accordance with legal statutes.
The bond’s existence also allows such victims to make a claim against the surety bond if doing so is warranted.
By law, any paid claims on a bond must have all costs reimbursed by the private investigator (known as “the principal”) repaid to the surety.
Though the NY PI bond is for $10,000, you as an applicant will only pay a small fraction or percentage of that amount; $100.
This surety bond may have a premium as low as just over 1% of the bond’s face amount.
Additionally, since the premium is comparatively small, the bond can be prepaid for 2 years thereby offering an overall savings over a one year premium.
The amount you will pay, however, will be determined by an application (which we can walk you through over the phone) along with a credit check.
As you undoubtedly already know, there are many prerequisites for becoming a licensed PI beyond the surety bond requirement.
Applying for the New York private detective license provides the information needed.
AmeriPro Surety Bonds is a surety bonds-only company providing license and permit, contractor, court, and fiduciary bonds throughout New York state.
As a surety-bonds only agency we give your surety bond full attention and fair pricing.
Our agency also provides surety bonds nationwide.