New York Health Club Bond
AmeriPro Surety Bonds | 844-589-9732
New York Health Clubs; Surety Bond Purpose and Amounts
Health clubs in New York are required to be licensed by the state’s Department of Licensing Services.
Such clubs are also required to purchase a surety bond. The surety bond is a financial guarantee for your patrons which protects them from the bankruptcy or dissolution of a health club; or, not otherwise fulfilling your contractual obligations to your customers.
The amount of the surety bond is determined by two criteria:
- The duration of the contract that you offer your health club patrons;
- And the number of locations of your health club.
The breakdown of surety bonds for contracts duration is as follows:
- If your contract is for a term not greater than 12 months, $50,000 surety bond;
- If your contract term is for more than 12 months, up to 24 months, $75,000 surety bond;
- If your contract term is for more than 24 months, up to 36 months, $150,000 surety bond.
The breakdown of surety bond for number of locations is as follows:
- If you have an additional 3 to 4 locations, an additional $50,000 surety bond is required;
- If you have an additional 5 to 6 locations, an additional $100,000 surety bond is required;
- If you have an additional 7 to 9 locations, an additional $150,000 surety bond is required;
- If you have 10 or more locations, an additional $200,000 surety bond is required.
Essentially, the amount of surety bond required will range between $50,000 to $350,000.
Qualifying and the Premium
To be approved for the New York health club surety bond of any amount through our agency, good credit is required.
When you call our agency, we’ll begin the application with you over the phone, but you’ll need to complete and have your health club surety bond application signed.
Thereafter, there is an underwriter review which includes a credit check inquiry. Depending on the surety bond amount required and the time of submission, approval can take anywhere between a few hours to a full business day.
Approval is granted on approval of your good credit at 1% of the bond amount required.
Once your surety bond is approved and the premium paid, our agency issues your surety bond, a Power of Attorney, and a document notarized by us as Surety.
Upon receipt, you’ll have your document notarized as Principal, filing all received documents to:
New York State
Department of State, Division of Licensing Services
P.O. Box 22001
Albany, NY 12201-2001
Premium Prepayment Options
The premium on your surety bond may be prepaid for 2 or 3 years. Doing so offers you a savings over annual renewals, besides lengthening the time between renewals.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide health club related surety bonds anywhere required in all 50 states.
Please call our agency today at:
Or, you may fill out the form below and a Surety Agent will contact you..