New Jersey Health Club Bond |
AmeriPro Surety Bonds | 844-589-9732
New Jersey Health Clubs
Health clubs in New Jersey are regulated by the state’s Department of Consumer Affairs.
AmeriPro Surety Bonds helps you to meet the surety bonding requirements by providing you with the surety bond amount required by the department.
New Jersey Health Club Bond: The Amount of Surety Bond You Require
According to New Jersey law, the amount of surety bond which will be required is as follows:
- The minimum health club surety bond amount is $25,000;
- The maximum health club surety bond amount required is $50,000
To determine the amount that you require is done by calculating 10% of the amount of gross income earned in the prior fiscal year of your health club business, subject to the above parameters.
According to the statue governing health spa bonds, the amount may be adjusted by the department after a health spa facility has opened to the appropriate sum.
Applicants who are not sure of the exact amount required will want to have confirmation from the Department of Consumer Affairs.
While our agency will assist you with getting the best surety bond pricing, we cannot perform any calculations on your behalf for surety bond amounts.
Its Premium and the Bond’s Duration
The premium for your New Jersey health club surety bond will be determined by the following criteria:
- The amount of surety bond that you are required to purchase;
- Information provided on a surety bond application;
- Your credit score (our agency utilizes a soft pull which will not have any impact on your score).
As a broad general rule, an applicant with good credit may expect to pay around 1.5% of the bond’s amount; however, that amount may vary considerably based on the factors stated above.
The most important factor in determining the health spa bond pricing will be your credit score.
Once issued, the bond is active for one year from the date of issuance. An active surety bond must remain on file with the department as a condition for continued licensing.
The Purpose of this Surety Bond
The purpose of the New Jersey health spa bond is this: It is a financial guarantee which protects buyers, who, after having entered into a contractual arrangement with a New Jersey health spa, suffers a financial loss either as a result of:
- breach of contract by the health spa company, or;
- bankruptcy of the health spa facility.
The existence of the bond allows those who can credibly demonstrate loss to recoup that loss. But it no instance will the bond pay an aggregate more than the face amount of the bond.
Since a surety bond is not an insurance policy, any claims paid against your bond (if that were ever the case) are your financial liability to reimburse in full. This includes all costs and fees involved in any surety bond settlement.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit, contractor, court, and fiduciary surety bonds throughout New Jersey.
Our agency also provides surety bonds nationwide.
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