Michigan Unarmed Combat Bond |
AmeriPro Surety Bonds | 844-589-9732
Sports Promoters – Michigan
Sports promotion in Michigan is regulated by the state’s Unarmed Combat Regulator Act of 2004.
The sports regulated by the Act include professional boxing and amateur or professional mixed martial arts. Also included according to the same ACT, is any activity where physical blows are involved which may cause injury.
To be licensed, a surety bond is required.
Michigan Unarmed Combat Bond: The Amount of Surety Bond Required
The Michigan unarmed combat bond is a minimum $20,000 surety bond and a maximum $50,000 surety bond.
The amount that you will be required to purchase will be determined by the Michigan Department of Licensing and Regulatory Affairs.
For purposes of securing your surety bond, our agency will request a copy of anything received by you from the Department stating the amount of surety bond required.
Michigan Unarmed Combat Bond: Its Purpose
Your surety bond serves several purposes:
The bond is a financial guarantee that all money earned will be properly distributed;
The bond is a guarantee that liabilities owed will be paid as it relates to the sporting event
The bond allows allows that anyone who is not paid what they are owed may take action by filing a claim against your bond. (Section 338.3633)
Therefore, while the bond is required of you as the principal (and promoter!), its benefits are strictly for other who may be able to credibly demonstrate some harm.
The Premium, Duration, and Purchase Date
The premium represents the amount that you will pay for this bond.
Typically the premium will be between 1-2% of the bond amount required; however, the amount that you pay will be determined by an application and a credit check. Therefore, that amount may vary.
Once purchased, the bond is active for one year, though according to Michigan law, claims against your bond must be made within 30 days of the sporting event.
Additionally, your surety bond must be purchased at least 5 days before the event in question.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit, contractor, court, and fiduciary bonds throughout Michigan.
Our agency also provides surety bonds nationwide.
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