The Virginia sports promoter surety bond revolves around the following sporting events:
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.
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:
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 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.