What is an Indiana Boxing and MMA Promoter Bond?
Know what this surety bond can do for you and how to easily get one!
It is required of every person who is applying for a boxing or mixed martial arts promoter’s license.
Through the surety bond, the Athletic Division of the Indiana Gaming Commission will be assured that the licensed boxing or mixed martial arts promoter will perform its duties in accordance with the laws of the state that governs the profession. Some of these duties are as follows:
- Pay the tax (5%) from the sale of tickets to the match
- Pay the necessary fees required by the Athletic Division of the Indiana Gaming Commission
- Provide a full report of the match’s gross proceeds to the Athletic Division of the Indiana Gaming Commission
The aforementioned actions should be done not later than 24 hours after the match. If the licensed boxing or mixed martial arts promoter causes harm to another because of non-compliance to the rules set forth, the Obligee of the bond will sue the bond to recover the financial losses.
What is the Boxing and MMA Promoter Bond amount?
The bond amount for:
Boxing Promoter = $10,000
Mixed Martial Arts Promoter = $10,000
If you have an excellent credit score, you will be eligible to pay a low bond premium! Bond premium starts at $100.
How can I get a Boxing and MMA Promoter Bond?
To secure this type of bond, the license applicant must seek the assistance of a surety bond company.
You will be asked to apply for this bond. Check out what you need to pay for by getting your FREE SURETY BOND QUOTE HERE!
Once the application is received, the surety bond company will immediately process it. In our case, one of our expert surety bond agents will guide you through the whole process from the time you applied for the bond. We will make sure that you understand all the conditions before we issue the bond.
An underwriter will typically evaluate your credit score.
Once the prequalification process is fulfilled, we will execute the bond and send it to you!
What are the surety bond conditions?
- The surety bond agent or company should be authorized to conduct business in the State of Indiana
- The surety bond should be made payable to the State of Indiana
- The licensed boxing or mixed martial arts promoter should comply with the provisions of Title 4 of the Indiana Code, as well as the rules and regulations of the Athletic Division of the Indiana Gaming Commission
- If the licensed boxing or mixed martial arts promoter commits a valid violation, the aggrieved party will be eligible to file a claim against the surety bond
Ready to start? APPLY HERE!