The New York Games of Chance Bond is a type of surety bond required by the State of New York. The bond states that the bondholder shall perform and fulfill all undertakings and obligations as offered in such game, contest, promotion, advertising scheme or plan. As provided in Section 369-e of the General Business Law. The amount of the bond shall be equal to the total value of the prizes offered. In addition, the bond should be issued by a surety company licensed to do business in the state.
What is the purpose of the Games of Chance Bond?
The bond protects the consumer against fraud on the part of the the bond holder. Whether an individual, firm or corporation. The bond shall be in favor of the people of New York. The bond amount for a New York Games of Chance bond is equal to the total prize value of the game.
Here are some examples of bond amounts for New York Games of Chance bonds:
- Game with a $5,000 prize value: $5,000 bond
- Game with a $10,000 prize value: $10,000 bond
- Game with a $100,000 prize value: $100,000 bond
The bond will remain in effect until the game has concluded and all prizes have been paid out. If there are any pending claims against the bond, it will remain in effect until those claims have been resolved.
Who needs the bond?
The New York Department of State is the filing office for registering as a Games of Chance organization. A license is required if the organization awards prizes based on a designated winning number(s), color(s), or symbol(s), determined by chance where the prizes offered is in excess of $5,000.
The Games of Chance Bond is one of the licensing requirements. In addition to the bond, a Games of Chance Registration must be forwarded to the New York Secretary of State, Division of Corporations, State Records and Uniform Commercial Code. There is a $100 filling fee.
How do I obtain a New York Games of Chance bond?
At Surety1.com we make it easy to obtain this surety bond. Our simple, three step process is:
- Complete the easy to navigate and secure online application. 1
- Review the free, no obligation quote from one of Surety1’s professional surety bond agents, usually within one business day. 2
- Sign some paperwork and pay the bond premium
Once these steps have been completed, the Surety Bond will be shipped to the bond applicant.
1 -The name of the applicant on the surety bond application must match exactly the full legal business name of applicant for the license.
2- Subject to underwriter approval, based on aggregate surety bond exposure, additional underwriting information may be required
Surety1.com is a service of AssuredPartners one of the largest and fastest growing insurance agencies in the nation. Representing over a dozen surety bond companies, Surety1.com is the premier online provider of surety bonds nationwide since 2003.
How to Get Your Games of Chance Bond
- Complete an online application. It’s free and no-obligation.
- One of our surety experts will contact you with a firm quote and an agreement to sign.
- Provide payment and your signed agreement, and then you will receive your Surety Bond!
If you have any questions, please call us at 877-654-2327.
Surety1 was founded in 2003 and helps thousands of clients find the best prices on their surety bonds. We take pride in our work so that we can give you great service. Learn more about Surety1.