New York Wrestling Promoter Bond
What is a New York Wrestling Promoter Bond?
It is a license requirement that must be filed with the New York State Comptroller. This surety bond will serve as a legal guarantee regarding the compliance of the wrestling promoter to the relevant laws of the state that pertains to conducting, holding, or giving professional wrestling exhibitions.
The said law is Chapter 32 of the Laws of 2016. The obligations that will be covered by this bond—and what the wrestling promoter must fulfill once licensed—are as follows:
- Payment of purses, salaries of club employees licensed by the New York State Athletic Commission
- Payment of the legitimate expenses of printing tickets
- Payment of all advertising materials
- Payments to sponsoring organizations
- Payment of applicable state and local sales and compensating use tax
How much does a New York Wrestling Promoter Bond cost?
The bond premium starts at 1% of the bond amount for wrestling promoters who have excellent credit scores. The bond amount is $20,000.
Do you want to know your bond premium right now? Get your FREE SURETY BOND QUOTE RIGHT HERE!
How can I get a New York Wrestling Promoter Bond?
Here’s a step-by-step bonding process that we have made easier so that you can get your bond in no time:
APPLY FOR THIS BOND
If you are ready to do this now, you may APPLY HERE!
One of our expert surety bond agents will guide you through the entire process – from the time you have applied until the bond is issued to you.
Next, you will be asked to submit a few important information that our underwriter requires to assess the following:
- Your job or business history
- Your credit score
- Your financial strength
To avoid any delays, make sure that you have gathered the right information needed before submitting your application.
After the indemnity agreement is signed, the bond will be issued and sent to you!
How does a New York Wrestling Promoter Bond work?
A surety bond is not insurance. It is rather an extension of credit provided by the Surety (the surety bond company that will issue the bond) to the Principal.
The Principal and the Surety will partner in assuring the fulfillment of obligations of the former to the New York State Athletic Commission. If the Principal fails to do any of the bonded obligations required by Chapter 32 of the Laws of 2016 and the New York State Athletic Commission, the person who will be harmed by the misconduct will be eligible to file a claim against this bond.
The claim will first be investigated by the Surety before it is settled. The Surety will make sure that the claim is valid and will protect the Principal if lawful defenses exist. Once the Surety has settled the claim, the Principal will reimburse the Surety for the payments made.
Get your bond ASAP. APPLY HERE!