New York Well Plugging and Surface Restoration Bond
AmeriPro Surety Bonds | 844-589-9732
Licensing and Financial Security; Purpose
Contractors who perform well plugging and surface restoration in New York state are offered the option to obtain a surety bond as evidence of financial responsibility.
The amount of the surety bond required of you is determined by the number of wells less than 2500 feet in depth, and the number of wells between 2500 and 5000 feet in depth.
The state provides an online surety bond calculator to determine the amount of surety required. You are further given an Option A and Option B for your financial security requirement.
Qualifying and the Premium
Qualifying for the New York well plugging and surface restoration bond includes completing a short surety bond application, and, because of the nature of your work, undergoing an underwriter review.
As part of the review by our underwriter, a credit check is required. Approval is for this surety bond is based on good credit, and the rate offered will be 1.5% of the amount of surety required.
Your bond is issued for a one year period.
After approval of your bond by our underwriting department, and payment of the premium, this bond is issued to you immediately.
Your surety bond will be notarized by our agency as Surety; and upon receipt, you’ll have your bond notarized as Principal. Also included with your surety bond will be a Power of Attorney form and a financial statement.
You’ll file all completed documents to:
State of New York – Department of Environmental Conservation
Division of Mineral Resources
625 Broadway, 3rd Floor
Albany, NY 12233-6500
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit, court, probate, and other surety bonds in New York and all 50 states.
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