Excise Bond Underwriters is a pool of 2 leading surety companies which have joined together to reinsure losses from bonds required by the State for manufacturing, transporting or selling alcoholic beverages
The pool was organized in 1933, following the repeal of Prohibition, and the roster of members has been remarkably stable for over half a century.
The name of one of these firms appears on every bond issued through Excise. These outstanding stock casualty and property companies joined together to form our association in order to specialize in bonds required by the New York State Liquor Authority. Excise Bond Underwriters provides service to brokers and agents more efficiently and cost-effectively than individual insurers can.
Issuance of new bonds
The bonds cover penal amounts from $1,000 to $25,000 according to the class of business and type of license or permit. Bonds are issued to agents and brokers the same day they are requested. You can provide your clients with Excise Bonds by two other convenient methods:
Authorized Bonding Agents
Many insurance brokers and agents throughout the State have bond authority. They maintain supplies of our blank bonds in their offices and can issue bonds immediately. Completed paperwork is forwarded to Excise Bond Underwriters for processing and billing.
Our New York City Office
Brokers and agents may visit or send their clients or their attorneys to the Excise Bond Underwriters office to secure bonds.
We are located in Manhattan's Financial District
Automatic Bond Renewals
Excise Bond Underwriters handles the renewal of bonds approximately three months prior to the State's deadline. Our automated data processing system relieves brokers and agents of much paperwork each year. Clients are provided with convenient forms and post-paid pre-addressed envelopes.
The great majority of our bonds cost only $100.00 for a 3 year term. This provides for full coverage of the $1,000 penal amount as well as $1,000 in costs taxed or allowed in any action or proceeding. Other bonds have higher premiums, according to the higher penal sums prescribed by law.
Brokers and agents receive commissions from Excise Bond Underwriters ranging from 15% to 30%. This must be determined for each agent and broker based on volume.
Your insurance business depends on the caliber of service you give your clients. Ours depends on the service we give to brokers, agents and their clients. As specialists in license and permit bonds, we are best equipped to handle not only the everyday processing of applications and bonds, but also the adjustments and claims.
Excise Bond Underwriters has a full-time attorney on its staff who is skilled in all bond matters involving the State Liquor Authority and your clients. Immediate attention is given to all claims so that they may be resolved efficiently. Responsive claims service has been the key to our success for seven decades.