What is the amount required for a surety bond for WGP agencies?

The correct amount required for a surety bond for Watch, Guard, or Patrol (WGP) agencies in New York is indeed $10,000. The requirement for a $10,000 surety bond is a measure to ensure that the agency operates with financial responsibility and can fulfill its obligations. This bond serves as a form of protection for clients and the public, ensuring that funds are available to remedy any failures on the part of the agency if they do not comply with regulations or cause harm through negligence.

The specific dollar amount reflects the regulatory standards set by the state to ensure that WGP agencies have adequate coverage to manage potential claims or liabilities that may arise in their operations. Such a requirement is common in the security industry, as it promotes accountability and trust in the services offered by these agencies. Therefore, an amount of $10,000 is essential to fulfilling state licensing requirements and protecting stakeholders involved.