What is a Combative Sports Surety Bond?
These events, both professional and amateur, include wrestling, boxing, kickboxing, mixed martial arts as well as other physically demanding sports. These license and permit surety bonds ensure that the promoter operates in accordance with all applicable laws and regulations, and promptly issues all due payments and taxes related to the event. Combative Sports Surety Bonds also guarantee payment for all those employed by the promoter during the particular event.
Which states require Combative Sports Surety Bonds?
Pacific Surety proudly offers Combative Sports Surety Bonds in the following states:
If you do not see your state listed, please contact us and our knowledgeable underwriters will assist you.
What is the bond amount for Combative Sports Bonds?
Bond amounts for Combative Sports Surety Bonds vary and are set by local rules and statutes regulating the industry. Therefore, bond amounts and requirements will fluctuate from state to state. Please contact us with specific questions, and one of our knowledgeable underwriting staff will assist you.
How much does a Combative Sports Surety Bond cost?
Pricing for Combative Sports Surety Bonds will vary, and your premium will be based on the following factors:
- State the bond is required in
- Amount of the bond
- Term length of the bond
- Personal credit for anyone with at least a 10% ownership stake in the business
Individuals with good credit can expect to pay 1%-5% of the bond amount. Qualified applicants could pay as little as $100 annually for a $10,000 Combative Sports Surety Bond. To find out how much your bond is going to cost, please complete our online application for your free, no obligation price quote.
Can I get a Combative Sports Surety Bond with bad credit?
Pacific Surety offers a wide range of approvals, regardless of credit, for Combative Sports Surety Bonds. With our strong surety relationships, we have the ability to approve 99% of applicants, regardless of how bad their credit is. Our knowledgeable underwriting staff will work with you to ensure you receive the lowest possible pricing for your bond. Applicants with substandard credit can expect to pay 5%-10% of the bond amount in premium. To see what rate you will qualify for, please complete our online application for your free, no obligation price quote.
How do I purchase a Combative Sports Bond?
The first step is to complete our quick online application for your free, no obligation bond quote. Submission takes only five minutes, and our underwriting staff will be in contact with you within a couple of hours with pricing. If you prefer to speak with our knowledgeable staff, please call 1-866-722-7873 and one of our Underwriters will assist you in applying for your bond.
Submissions take only five minutes, and we will contact you within a couple of hours with your free price quote. After you receive approval, you must sign an indemnity agreement with the surety and provide payment for your bond premium. In most cases, we can issue bonds the same day we receive your signed documents and payment.
Who do Combative Sports Bonds protect?
Unlike insurance, which protects you, your home or your business, Combative Sports Surety Bonds protect the obligee (entity requiring the bond). If the principal (licensed wholesaler) does not pay all those employed by the promoter during the particular event, a claim can be filed by the obligee with the surety company for relief. If the claim is valid, the surety will pay up to the penal sum of the bond to resolve the claim. You are then required to reimburse the surety for all monies paid out, including any attorney fees incurred by the surety in the defense of the claim.
Claims can be very detrimental to your business. Not only do they cause financial harm, they make it very difficult, if not impossible, to get bonded again.