What is a New York Promoter License Bond?
Get in the game through this surety bond!
Promoters of a combative sports event in the State of New York are one of the top earners in the industry. To become one, you must first…
- Apply for a license
- Pay the necessary license fees based on the seating capacity of the event
- Secure a corporate bond and/or a guarantee bond
A Promoter License Bond is a surety bond that every promoter of a combative sports event must furnish as part of the license application requirements. Some examples of combative sports are boxing, wrestling, and other sparring matches.
There are two kinds of surety bonds that New York State promoters must submit. These are the following:
- Corporation Bond – ensuring the lawful performance of the promoter. This does not include wrestling promoters.
- Guarantee Bond – guarantees the payment of the salaries of club employees, the printing of tickets, other materials used for advertising, sponsoring organizations, and all the necessary taxes
The New York State Athletic Commission will determine the surety bond amount that will be required of the promoter in pursuance of Section 19 New York Codes, Rules and Regulations 207.10 and Chapter 714 of the Laws of 1921.
What is the Promoter License Bond amount?
$10,000 – Corporate Bond
$20,000 – Guarantee Bond
If you have an excellent credit score, you will be eligible to pay for a low bond premium!
Check out what you need to pay by getting your FREE SURETY BOND QUOTE HERE!
How can I get a Promoter License Bond?
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
To avoid any delay, make sure that your requirements are complete before 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!
What are the surety bond conditions?
- The surety bond agent or company should be authorized to conduct business in the State of New York
- The surety bond should be payable to the People of the State of New York
- A guarantee bond should be submitted to the State Comptroller
- The licensed promoter is obligated to perform his or her duties in accordance with Section 19 New York Codes, Rules and Regulations, Chapter 714 of the Laws of 1921, and the rules and regulations of the New York State Athletic Commission
- If the licensed promoter violates any of the state laws, the conditions of the bond, or any rules that govern promoters in the State of New York, the aggrieved party will be eligible to file a bond claim
Ready to apply? START HERE!