Surety Bond Encyclopedia

Vehicle For Hire ($5,000) Bond - City of New York, NY in New York

Brief Summary

A New York City for-hire vehicle base cannot be licensed without this $5,000 bond, and it has to stay current for the full three year license. It is a small bond that is simple to place, so it rarely holds up a base application once the rest of the file is ready.

The New York City Taxi and Limousine Commission requires a $5,000 surety bond made to the benefit of the City of New York from every applicant for a Livery, Black Car or Luxury Limousine base license. The bond is filed with the base license application, must be current and maintained at all times, and is submitted again with each three year renewal.

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How to Apply for a Vehicle For Hire ($5,000) Bond:

Confirm the base type: Livery, Black Car or Luxury Limousine.
Have the legal business name and base address exactly as they will appear on the TLC application.
Provide owner information for the surety's credit review and approve the quoted premium.
Obtain the executed $5,000 bond made to the benefit of the City of New York.
Pay the $1,500 application fee and submit the bond with the rest of the TLC base checklist.
Renew the bond so it stays current through the full three year license and file it again with the renewal.

Detailed Information About the New York Vehicle For Hire ($5,000) Bond:

Who posts this bond

The bond is posted by the base owner, meaning the business licensed by the TLC to dispatch for-hire vehicles. The TLC lists the same requirement on its Livery base, Black Car base and Luxury Limousine base pages: obtain a surety bond of five thousand dollars made to the benefit of the City of New York. Drivers and vehicle owners affiliated with the base do not post it.

Keep it in force

The TLC states that the bond must be current and maintained at all times. The base renewal checklist lists the $5,000 bond for the benefit of the City of New York among the renewal items, and all renewal requirements must be submitted by the license expiration date. A lapse puts the base out of compliance.

License term, fees and other requirements

FHV base licenses run three years. The fee is $1,500 for a new three year license and $1,500 to renew. A base with a Street Hail Livery endorsement pays an additional $3,000. A change of information application carries a $500 fee. Each base must affiliate at least ten vehicles, or five if one of the five is wheelchair accessible. Applications also call for workers' compensation proof, a lease affirmation, rate schedules, a parking affirmation and other documents listed on the TLC checklist. Operating a base before the license is approved is illegal.

Premium

The premium is an annual charge set by the surety after reviewing the owner's credit and the base's operating history. Confirm the current bond form and filing steps with the TLC before the bond is issued.

Eligibility and Requirements for a New York Vehicle For Hire ($5,000) Bond:

Bond amount of $5,000.
City of New York as the bond beneficiary.
Bond current and maintained at all times during the license term.
At least ten affiliated vehicles, or five if one is wheelchair accessible.
Three year TLC base license with a $1,500 fee, plus $3,000 for a Street Hail Livery endorsement.