Virginia Sports Promoter Bond |
AmeriPro Surety Bonds |
Sports Promotion – Virginia
The Virginia sports promoter surety bond revolves around the following sporting events:
- Mixed martial arts (MMA);
- Professional wrestling
These events are regulated by statute. The administration of these rules is overseen by the Department of Professional and Occupational Regulation (DPOR).
As part of the licensing for these events, a surety bond is required. AmeriPro Surety Bonds provides you the surety bond amount required for your compliance.
Virginia Sports Promoter Bond: Amount Required and the Premium (or Cost)
According to current Virginia law, the maximum surety bond amount required will be $100,000.
The amount that you will require, however, will be determined by the following, up to the $100,000 surety bond maximum amount.
The way to determine the surety bond amount is as follows:
- It is equal to the total gate fee and the total if all the tickets were to be sold;
- It is the total of the amount due to all participants in the sporting event, subject to the $100,000 limit.
The cost of the Virginia sports promoter bond will be determined by the amount of the surety bond required, information provided on a surety application, and the credit of the applicant or the professional entity requiring the bond.
A small percentage of the bond’s amount will typically constitute this bond’s premium.
The Purpose of this Surety Bond
The purpose of this surety bond is a financial guarantee which ensures that all contractual obligations to participants of the sporting event will be properly met.
The bond also is a guarantee that all gate fees and any penalties will be paid, if applicable.
While the bond is required of you as a sports promoter, its protections are for the benefit of others, namely, the DPOR and the sports participants themselves.
AmeriPro Surety Bonds is a surety bonds-only agency.
We provide license and permit, contractor court, and fiduciary surety bonds throughout Virginia.
We also provide surety bonds nationwide.
Please call our agency today at:
Or, you may fill out the form below and an agent will contact you.