Pennsylvania Boxing Promoter Bond
AmeriPro Surety Bonds | 844-589-9732
Pennsylvania Boxing Promoters
Boxing, MMA, and wrestling promoters in Pennsylvania are all required to maintain a surety bond. Each of these requires their own surety bond.
This article deals with boxing surety bonds in the Commonwealth; however, AmeriPro Surety Bonds provides surety bonds for each of these promoter categories.
The Pennsylvania boxing promoter bond is a $15,000 surety bond which is required to be licensed by the Commonwealth’s Department of State which regulates the licensing of promoters.
Pennsylvania Boxing Promoter Bond: The Premium
The premium for the $10,000 Pennsylvania boxing promoter bond is just $100 annually. There is no underwriting or an application check for this bond. Really, there is no formal application as such either. When you call our agency, we’ll ask you some very basic questions: The name you want on your bond, and your address, mainly.
After payment of the $100 premium, our agency issues the bond to you immediately. It is mailed by the following business day.
Additional Premium Payment Options
At a $100 premium, your boxing promoter bond will renew annually on the anniversary of its issuance. You also have the option to prepay your surety bond for up to 3 years, thereby offering you a savings over annual renewals.
If chosen, the premium amounts and savings are as follows:
- If prepaid for 2 years, the premium is $180, a $20 savings;
- If prepaid for 3 years, the premium is $260, a $40 savings.
Pennsylvania Boxing Promoter Bond: The Purpose
As a licensed promoter, you are required to purchase a $15,000 boxing promoter bond that acts as a financial guarantee which ensures that you will comply with all laws as it relates to the promotion of boxing within the Commonwealth.
More specifically, the bond is a financial guarantee which:
- Guarantees fulfillment of contractual arrangements with contestants and other licensees;
- Ensures payment of all licenses and fees associated with the promotion of boxing;
- Protects others from acts of fraud, theft or willful misconduct committed by a licensed boxing promoter in the performance of professionally-related duties.
The boxing promoter bond is not an insurance policy which protects the boxing promoter.
It is a surety policy which protects others from acts of malfeasance by a boxing promoter.
Pennsylvania Boxing Promoter Bond: Duration
The boxing license is issued for a period of one year.
Current regulations state that the boxing promoter license expires on December 31st of each year.
Your surety bond should have dates which run concurrently with your license, if at all possible, so as to prevent any lapse of bond coverage.
About Our Agency
AmeriPro Surety Bonds is a surety bonds-only agency.
We provide license and permit, contractor, court, and fiduciary surety bonds throughout the Commonwealth. Our agency also provides surety bonds nationwide.
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