New Rochelle Auctioneer Bond: A Comprehensive Guide
This guide provides information for insurance agents to help their customers obtain a New Rochelle Auctioneer bond.
At a Glance:
- Lowest Cost: $100 per year or $10 per month
- Bond Amount: $5,000
- Who Needs it: All auctioneers operating in New Rochelle, New York
- Purpose: To ensure the public is compensated for damages if the auctioneer fails to comply with licensing law
- Who Regulates Auctioneers in New Rochelle: The New Rochelle City Clerk’s Office
New Rochelle Code 96-1 requires all auctioneers operating in the city to obtain a license from the New Rochelle City Clerk’s Office. The New Rochelle City Council enacted the licensing laws and regulations to ensure that auctioneers engage in ethical business practices. To provide financial security for the enforcement of the licensing law, auctioneers must purchase and maintain a $5,000 surety bond to be eligible for licensure.
What is the Purpose of the New Rochelle Auctioneer Bond?
New Rochelle requires auctioneers to purchase a surety bond as part of the application process to obtain a business license. The bond protects the public from financial harm if the auctioneer fails to comply with the regulations set forth in New Rochelle Code 96-2. Specifically, the bond protects the public if the auctioneer commits fraud or fails to maintain accurate records of transactions. In short, the bond is a type of insurance that protects the public if the auctioneer violates the terms of their license.
How Can an Insurance Agent Obtain a New Rochelle Auctioneer Surety Bond?
BondExchange makes obtaining a New Rochelle Auctioneer surety bond easy. Simply login to your account and use our keyword search to find the “Auctioneer” bond in our database. Don’t have a login? Gain access now and let us help you satisfy your customers’ needs. Our friendly underwriting staff is available by phone (800) 438-1162, email or chat from 7:30 AM to 7:00 PM EST to assist you.
At BondExchange, our 40 years of experience, leading technology, and access to markets ensures that we have the knowledge and resources to provide your clients with fast and friendly service whether obtaining quotes or issuing bonds.
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Is a Credit Check Required for the New Rochelle Auctioneer Bond?
No, a credit check is not required for the New Rochelle Auctioneer bond. Because the bond is considered relatively low risk, the same low rate is offered to all auctioneers operating in the city, regardless of their credit history.
How Much Does the New Rochelle Auctioneer Bond Cost?
The New Rochelle Auctioneer bond costs either $100 per year or $10 per month.
Who is Required to Purchase the Bond?
New Rochelle requires auctioneers to purchase a surety bond as a prerequisite to obtaining a business license. To paraphrase New Rochelle Code 96-1, any person who sells property to the highest bidder is required to be licensed as an auctioneer.
BondExchange now offers monthly pay-as-you-go subscriptions for surety bonds. Your customers are able to purchase their bonds on a monthly basis and cancel them anytime. Learn more here.
How Do Auctioneers Apply for a License in New Rochelle?
Auctioneers in New Rochelle must navigate several steps to obtain a license. Below are the general guidelines, but applicants should refer to the application form for details on the process.
License Period – All New Rochelle Auctioneer Licenses are valid for one year from the date of issuance and must be renewed before the expiration date.
Step 1 – Purchase a Surety Bond
Auctioneers must purchase and maintain a $5,000 surety bond.
Step 2 – Complete the Application
Auctioneers should submit their completed applications, including a $180 license fee, to the following address:
515 North Avenue
New Rochelle, NY 10801
Auctioneers must complete the application in its entirety, and submit the following items:
- Surety Bond
- Copy of liability insurance
- Certificate of endorsement
How Do New Rochelle Auctioneers Renew Their Licenses?
All New Rochelle Auctioneer Licenses are valid for one year from the date of issuance and must be renewed before the expiration date. To renew their license, auctioneers should contact the City Clerk’s Office. The department will walk the auctioneer through the renewal process, provide them with all required forms, and answer any questions they may have
What are the Insurance Requirements for Auctioneers in New Rochelle?
New Rochelle requires auctioneers to purchase liability insurance as a prerequisite to obtaining a business license. Applicants must provide a copy of their liability insurance and a certificate of endorsement naming the City of New Rochelle as additionally insured. In addition, auctioneers must purchase and maintain a $5,000 surety bond.
How Do New Rochelle Auctioneers File Their Bonds?
Auctioneers should mail their completed bond forms, including the power of attorney, to the City Clerk’s Office at the following address:
515 North Avenue
New Rochelle, NY 10801
The bond requires signatures from both the surety company that issues the bond and the applicant. The surety company should include the following information on the bond form:
- Legal name of the entity/individual(s) buying the bond
- Surety company’s name and address
- Date of license application
- Date the bond is signed
- Notary signature and seal
What Can New Rochelle Auctioneers do to Avoid Claims Made Against Their Bonds?
To avoid claims on their bonds, auctioneers in New Rochelle must follow all license regulations in the city, including some of the most important issues below that tend to cause claims:
- Do not engage in any acts of fraud
- Maintain accurate records of all transactions
What Other Insurance Products Can Agents Offer Auctioneers in New Rochelle?
New Rochelle requires auctioneers to purchase liability insurance as a prerequisite to obtaining a business license. Bonds are our only business at BondExchange, so we do not issue liability insurance, but our agents often utilize brokers for this specific line of business. A list of brokers in this space can be found here.
How Can Insurance Agents Prospect for New Rochelle Auctioneer Customers?
New Rochelle unfortunately does not provide a public database of active auctioneers in the city. We suggest contacting the City Clerk’s Office to obtain this information. Contact BondExchange for additional marketing resources. Agents can also leverage our print-mail relationships for discounted mailing services.