Surety bonds in New York
New York’s vast construction, finance, and licensing landscape means surety bonds appear in countless business activities. A surety bond protects the obligee and the public — if a claim is paid, the bonded New York business generally repays the surety, so it is not insurance for the business.
Bonds commonly required in New York
Home Improvement / Contractor Bond
Certain New York contractors and home improvement firms, especially in some boroughs and counties, may be required to post a bond protecting consumers.
Motor Vehicle Dealer Bond
Dealers typically must post a bond meant to address certain sales and title violations.
Notary Public Bond
Where applicable, a notary bond supports the integrity of notarial acts in the state.
Mortgage / Lending Bond
Mortgage and lending licensees may be required to maintain a surety bond.
Performance & Payment Bonds
Public construction frequently requires these bonds to assure completion and payment to subcontractors.
Do New York notaries need a bond?
For a traditional New York notary commission, no. New York does not require a surety bond to be commissioned as a notary public, which surprises people who have seen bonding companies advertise "New York notary bonds" for sale.
There is one real exception, and it is the reason this question keeps coming up. Electronic notaries in New York, meaning those registered to perform remote online notarization, are required to post a $25,000 bond. If you are applying for or renewing an electronic notary registration, that requirement applies to you.
Errors and omissions insurance is separate from either of those and is optional in New York. A bond protects the public and requires you to repay the surety if a claim is paid. E&O is intended to protect you. Notaries who want protection for themselves rather than for the people relying on their seal are generally looking for E&O.
Requirements change. Confirm current rules with the New York Department of State before you buy anything.
With requirements that vary by city and license, confirm the exact bond with the obligee or your New York licensing authority, then request a quote.
A surety bond protects the party requiring it (the obligee) and the public — it is not insurance for your business. If a claim is paid, the principal generally repays the surety. Bond requirements and amounts are set by the obligee and vary by license type and jurisdiction. Verify the exact requirement before you buy.
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