It is the Missouri Attorney General which regulates health clubs and for who is the surety bond’s obligee (i.e. this word just means the entity requiring you to obtain the surety bond).
Not all surety health clubs must obtain a surety bond; only those who will not hold funds received in escrow. More below.
The Missouri health club bond is a $25,000 surety bond required of some health clubs.
Before a club opens: If the money you collect from members is held in an escrow account, then a surety bond is not required; if you will not hold money held in a separate account, you are required to obtain surety bonding.
Obtaining a health club surety bond is pretty straightforward.
You will complete a standard surety bond application, which will take a few moments to complete with an agent. Typically, an applicant completed with an agent offers the quicker turnaround time.
By standard is meant that you will be asked basic questions about yourself and the your health spa company. A credit inquiry for this bond will also be required.
For a well-qualified applicant, the estimated premium is as follows:
These prices are estimations; the price that you may pay may be higher.
The $25,000 Missouri health club bond is a financial guarantee which protects consumers from the failure of a health club organization to comply with contractual provisions as required by law.
The bond protects against the failure of a health club organization to honor payments received; except that the aggregate liability will not exceed the amount of the surety bond, any attorney fees and costs excepted.
As principal for this bond, you are responsible for any claims paid by a surety.
AmeriPro Surety Bonds is a surety bonds-only agency. Our agency provides license and permit, court, and fiduciary surety bonds in Missouri and nationwide.
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