New Hampshire Health Club Bond |
AmeriPro Surety Bonds | 844-589-9732
Health Clubs or Spas – New Hampshire
New Hampshire health clubs are licensed and regulated by the state’s Department of Justice, Office of the Attorney General.
If your health club business is required to obtain a surety bond, according to current state regulations, the surety bond amount is $50,000.
Qualifying and the Premium
Qualifying for the $50,000 New Hampshire health club bond requires:
- Completing an application. Our agency will begin the application with you over the phone, but for its completion you will need to sign your application and have it witnessed and then emailed back to us;
- Review by an underwriter. As part of the application process, a review by an underwriter is also required. This review includes a business or personal credit inquiry. The inquiry used by surety agencies — not just our own, but also others in this business — is a “soft pull” which will not adversely impact your credit.
Good credit is required and the premium upon approval is 1%, $500.
Once the premium is paid to our agency, your health club bond is issued to you immediately. The original bond, which you will sign as Principal, and the Power of Attorney form will be sent to you for filing.
Premium Prepayment Options
At $500 premium, the New Hampshire health club bond is issued to you for one year and will renew on the anniversary of its issuance. The option exists to also prepay your bond for up to 3 years. Prepayment of the premium saves you over annual renewals, besides lengthening the time between renewals.
The premium prepayment option and savings are as follows:
- If prepaid for 2 years, the premium is $900, a $100 savings;
- If prepaid for 3 years, the premium is $1300, a $200 savings.
Purpose Of Your Surety Bond Requirement
While this surety bond is required of your health club, its purpose is for those who purchase membership, your patrons. The most succinct reason for your bond is that as found on the Attorney General website which is: The New Hampshire health club bond is a financial guarantee for those who pay in advance for memberships in case the health club closes.
Statute 358-I (which is also a subtitle of your surety bond) gives more details in that it states that your bond protects those who purchase a membership and lose money due to a breach of contract or any other obligations which arise from the contract.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide health club surety bonds nationwide. Our company also provides license and permit bonds in all 50 states.
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