Pennsylvania Health Club Bond
AmeriPro Surety Bonds | 844-589-9732
Pennsylvania Health Clubs
Pennsylvania health clubs are regulated by the Commonwealth’s Office of the Attorney General.
Health clubs have certain financial requirements which must be met as a condition for licensing.
Among these, is that health clubs are required to obtain a surety bond in one of several amounts
AmeriPro Surety Bonds provides the bond in whatever amount you need.
We explain more below.
Pennsylvania Health Club Bond: Amount of Bond Required
The amount of surety bond required of Pennsylvania health clubs is determined by the length of the contract; or, alternatively, the number of persons whom the health club has under contract and the duration of that contract.
The breakdowns are as follows:
- Pennsylvania health clubs who have contracts for no longer than 12 months require a $50,000 surety bond;
- Pennsylvania health clubs who have contracts between 12 and 24 months are required to maintain a $100,000 surety bond;
- Pennsylvania health clubs who have contracts longer than 24 months are required to maintain a $200,000 surety bond.
- If a Pennsylvania health club has no more 150 members, with contracts no longer than 24 months, a surety bond of $25,000 is permitted;
- If a Pennsylvania health club has no more than 300 members, with contracts no longer 24 months, a surety bond of $50,000 is permitted.
Pennsylvania Health Club Bond: The Purpose
The purpose of the Pennsylvania health club is for reason:
The bond serves as a financial guarantee that a licensed health club will provide buyer refunds if required.
In fact, it’s even more than that. Should a licensed Pennsylvania health club agency file bankruptcy, state law exempts those asset fees from the bankruptcy.
Having a surety bond in place ensures that, up to the amount of the respective bond, fees can be refunded.
However, should a surety pay a claim on a health club bond, it is the legal responsibility of the bond’s principal to reimburse the surety for all costs.
The provisions and guarantees afforded by the health club bond are solely for the benefit of your customers; they do not in the least serve as a type of liability policy for your health club business.
Premium for Your Health Club Bond
Your cost for the health club bond will be determined by the following factors:
- The amount of bond required. Pennsylvania health club bonds range from $25,000 to $200,000. Higher bond amounts will require more information (i.e. financial statements) as part of the surety bond underwriting process;
- Information provided on an application. Our agency will accept your application directly over the phone;
- A standard credit check. This will be the single largest factor in determining the bond amount required.
AmeriPro Surety Bonds will work for you to get your bond issued as quickly as possible at the best rate.
About Our Agency
AmeriPro Surety Bonds is a surety bonds-only agency which provides surety bonds throughout the Commonwealth of Pennsylvania.
We also provide license and permit, contractor, court, and fiduciary bonds nationwide.
Please call our agency today for your PA health club bond: