Virginia Health Club Bond |
AmeriPro Surety Bonds | 844-589-9732
Health Clubs – Virginia
Health clubs operating in Virginia are regulated by the Virginia Health Club Act.
The Commonwealth’s Office of Charitable and Regulatory Programs (OCRP) enforces the Act.
Virginia health clubs are required to furnish a surety bond amount which corresponds to the number of active contracts.
Virginia Health Club Bond: Amount Required
The Virginia health club bond ranges from $10,000 to $100,000; there is also a $300,000 surety bond.
Under Schedule A the OCRP provides you with a way to calculate the amount of bond required.
The bond amount is based on the number of unexpired/active contracts. The breakdown is as follows:
0 to 250: $10,000 surety bond;
251 to 500: $20,000 surety bond;
501 to 750: $30,000 surety bond;
751 to 1000: $40,000 surety bond;
1001 to 1250: $50,000 surety bond;
1251 to 1500: $60,000 surety bond;
1501 to 1750: $70,000 surety bond;
1751 to 2000: $80,000 surety bond;
There is no $90,000 Virginia health club surety bond;
2001 or more $100,000 surety bond
These surety bond amounts are for each location of your Virginia health club facility.
An exception to the above surety bond amount is the following:
If your health club company posts a single $300,000 health club surety bond, then the bond is applicable to all facilities owned by the same health club.
The Price of this Surety Bond
The premium or price of a Virginia health club bond will be largely be determined by the following:
- The amount of surety bond required;
- Information provided on your surety bond application (smaller surety bonds may required less information; larger will require more information, including requests for financial statements and other related items);
- Your credit score.
As a broad general rule, an applicant may pay as little as 1.5% for this surety bond; however, the amount will be determined by the criteria listed above, and so it may vary quite a bit.
AmeriPro Surety Bonds, however, will work to find you the best surety bond pricing.
The Purpose of this Bond
The purpose of the Virginia health club bond is this:
- It protects the purchaser of a health club contract if the health club fails to open by an established date;
- It protects the purchaster of a health club contract if the health club goes out of business before the expiration of the contract;
- It protects against any criminal and fraudulent violations of the Act.
As principal, you are responsible for any claims paid against your surety bond. In the present instance, this means that you would be responsible for reimbursing the surety for all costs and fees in the settlement of any surety claims.
AmeriPro Surety Bonds is a surety bonds-only agency.
We provide license and permit, contractor, court, and fiduciary surety bonds throughout Virginia and the nation.
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