New York Authorized Sanctioning Entity Bond – $20,000

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What is a New York Authorized Sanctioning Entity Bond ($20,000)?

It is an important requirement that all authorized sanctioning entity license applicants must file with the New York Secretary of State.

This bond is different from the $10,000 bond required of authorized sanctioning entity license applicants.

The aforementioned bond is for the payment of any act/s committed by the licensee that is against the provisions of Article 41 of the General Business Law of the Consolidated Laws of New York and the rules and regulations of the New York State Athletic Commission.

This $20,000 bond is mandated to ensure that the license applicant will perform the following legal obligations:

  • Pay all professionals’ purses.
  • Pay all salaries of club employees licensed by the New York State Athletic Commission.
  • Pay all legitimate expenses of printing tickets and all advertising material during the term of the license.

An authorized sanctioning entity is someone who will be given the authority by the New York State Athletic Commission to oversee and conduct professional and amateur combative sports for a certain period once licensed.

How much does a New York Authorized Sanctioning Entity Bond ($20,000) cost?

The bond cost or bond premium is a percentage of the bond amount ($20,000) that must be paid by the license applicant to the surety.

The bond premium will depend on the license applicant’s credit score.

If the license applicant has an excellent credit score, the bond premium will only be 1% of the bond amount or $200.

Check out what you need to pay by getting your FREE SURETY BOND QUOTE HERE!

How can I get a New York Authorized Sanctioning Entity Bond ($20,000)?

The first thing that you should do is to apply for this bond. If you’re ready to apply for one right now, you may easily do so HERE!

Your application will be processed as soon as we’ve received it. One of our expert surety bond agents will contact you regarding the next step. We’ll make sure that you understand all the conditions before we issue the bond.

Next, an underwriter will assess the following:

  • Your financial strength
  • Your job/business performance history
  • Your credit score

Once that’s done, you’ll be asked to sign an indemnity agreement. After that, the bond will be issued and sent to you.

How does a New York Authorized Sanctioning Entity Bond ($20,000) work?

This bond is not an insurance. It is an extension of credit provided by the Surety (surety bond provider) to the Principal (authorized sanctioning entity license applicant).

The Principal is primarily responsible for the fulfillment of the obligations required. If the Principal fails to do any of the bonded obligations required by the relevant laws, rules, and regulations, the Obligee (People of the State of New York) can file a bond claim.

Once the Surety has settled the claim, the Principal will reimburse the Surety for the payments made.

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New York Authorized Sanctioning Entity Bond – $20,000

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