What is a Michigan Combative Sports Promoter Bond?
Promoters of combative sports, such as professional boxing, professional mixed martial arts, or amateur mixed martial arts events, must post a surety bond before being able to conduct business in the State of Michigan.
The Combative Sports Promoter Bond guarantees faithful performance by combative sports promoters of their obligations in compliance with state laws. The bond is part of the license requirement mandated by the Michigan Department of Licensing and Regulatory Affairs (LARA) and ensures:
- All participating boxers/martial artists are of permissible age (18 or older) at the time of the sports event.
- Promoters have been consistently paying all engaged personnel (such as fighters, timekeepers, cornermen, fighters, referees, inspectors, scorecard judges, doctors).
- Contestants are available for drug testing before or after a contest to detect the presence of controlled and prohibited substances regulated by the Department.
- Maintains a suitable venue with a seating capacity of more than 5,000 for each match as mandated by the statutes in the State of Michigan.
- At least one inspector is present at the event.
Also, the bond benefits any person that is damaged by the promoter’s nonpayment of any liabilities associated with the event.
What are the bond conditions?
- The bond must be issued by a Surety that is qualified to conduct business in the State of Michigan.
- The bond must be purchased at least 5 days before the contest.
- The bond is conditioned on the faithful distribution of all money owed by the promoter as a result of the event.
- The Principal (promoter) is responsible for payments of any liabilities associated with the event.
- Any affected person(s) can bring an action against the bond once a claim is validated.
- The bond remains in effect until all complaints are properly filed with the department for nonpayment of obligations. If a claim is not properly filed if it is not filed within 30 business days following the event covered by the bond.
What is the bond amount?
The bond amount will be determined by the Michigan Department of Licensing and Regulatory Affairs but is not less than $20,000 or more than $50,000 and is payable to the State of Michigan.
The cost of the bond is a percentage (bond premium) of the bond amount. The cost varies, depending on the determined amount by the Department and your credit score.
How do I obtain Combative Sports Promoter Bond?
We’ve made it easier for you! Just follow the simple steps below!
STEP 1: Apply for the bond
You need to submit a bond application to us. If you’re ready to apply now, get to know your bond costs and requirements by applying for a FREE quote HERE!
STEP 2: Underwriting
We will ask you for a couple of important information needed for the bond. This will include your credit score. An underwriter will carefully evaluate all those.
STEP 3: Bond execution
Once the underwriter is done with the underwriting process, we will immediately issue the bond and send it to you!
For accessible, affordable, and hassle-free bonds, get your bonds calling us now!