What is an MMA (aka Mixed Martial Arts) Promoter Bond?
With the rise in popularity of combative sporting events in the United States, many states are requiring that event promoters obtain a surety bond in order to make sure that they adhere to all state regulations for the event.
This type of bond is also known as a sports promoter bond, boxing promoter license bond, mixed martial arts bond, combat sports promoter bond, or a promoter license surety bond.
If you are planning an upcoming boxing or MMA event, the state where you are holding the event may require you to be bonded. Not sure if you do need an MMA promoter bond?
Contact us today, and we will answer any questions you have and get you started on the bond process so that you are ready.
How does an MMA promoter bond work?
An MMA promoter bond works in the same way as other surety bonds. There are three entities that are bound together by a surety bond:
- The obligee, which is the agency requiring a promoter to purchase the surety bond in order to ensure that all regulations and requirements are met by the event promoter.
- The principal, who is the promoter required to obtain the surety bond, guaranteeing that they will meet the set requirements.
- The surety, which is the underwriting agency for the MMA promoter bond, backing up the principal.
If for any reason the MMA promoter does not comply with all of the state’s regulations for the event, as outlined in the bond, then the state can make a claim against the bond to serve as a penalty to the promoter. The surety agency will make sure that the claim is valid before making a payment up to the full amount of the bond. The promoter is then responsible for reimbursing the surety agency for the amount paid to the state.
What does it cost to get an MMA promoter bond?
Each state requires a set amount of an MMA promoter bond. You will need to pay a percentage of that total amount in order to purchase the bond. The exact amount will depend on several factors. For a fast and free quote, simply fill out our quote request form. An agent will be able to get you an accurate quote, and we will work quickly to complete your paperwork so that you can fulfill your state’s requirements for the event. We can also help you with any additional surety bonds that may be required for an MMA event in your state.