New York Boxing and Mixed Martial Arts Promoter Bond – $10,000.00
Know why this surety bond is required and how to get one fast!
What is a New York Boxing and Mixed Martial Arts Promoter Bond ($10,000.00)?
It is a license requirement that every boxing and mixed martial arts (MMA) promoter must deposit to the New York Secretary of State.
The purpose of this bond is to ensure that the boxing and mixed martial arts promoter will conform to the rules and regulations set forth by the New York State Athletic Commission as well as to the provisions of Chapter 32 of the Laws of 2016 or an Act “to amend the general business law, the tax law, and the alcoholic beverage control law, in relation to authorized combative sports; and to repeal chapter 912 of the laws of 1920, relating to the regulation of boxing, sparring, and wrestling.”
The bond will serve as a financial security in case the boxing and mixed martial arts promoter commits any violation against the said Act, rules, and regulations.
How much does a New York Boxing and Mixed Martial Arts Promoter Bond ($10,000.00) cost?
The bond premium for boxing and mixed martial arts promoters who have excellent credit scores starts at $100 (1% of the $10,000 bond amount).
Bond premium is the amount that the bond applicant must pay the surety. This will vary according to the bond applicant’s credit score.
Check out what you need to pay by getting your FREE SURETY BOND QUOTE HERE!
How can I get a New York Boxing and Mixed Martial Arts Promoter Bond ($10,000.00)?
SEND US A BOND APPLICATION – We begin the bonding process with an application. You may send your application for this bond HERE!
UNDERWRITING – Once we have received your application, an underwriter will ask you to submit the following important requirements:
- Proof of your financial capability
- Your business’ history
- Your credit score
In order to avoid any delay, make sure that your requirements are complete prior to submitting them.
ISSUANCE – As soon as the underwriter has completed the necessary in-depth check, we will immediately issue the surety bond and send it to you!
How does a New York Boxing and Mixed Martial Arts Promoter Bond ($10,000.00) work?
A surety bond is a three-party agreement.
- Principal – boxing and mixed martial arts (MMA) promoter
- Obligee – People of the State of New York
- Surety – Surety bond company
This bond is for the protection of the Obligee in case the Principal violates any of his or her contractual obligations required by the rules and regulations set forth by the New York State Athletic Commission as well as the provisions of Chapter 32 of the Laws of 2016.
If such happens, the Obligee can recover the amount needed by filing a claim. The Surety will first investigate if the claim is valid. If it is, the Surety will settle the claim. The Principal must then reimburse the Surety for the payments made.
Secure your license! Get bonded! APPLY HERE!