Boxing Promoter Bond
Boxing promoters give promising young fighters a chance to build experience in the ring and work their way up the ranks. They also provide boxing fans a way to enjoy their favorite sport in person. This can be a gratifying career, but it takes more than just a passion for the "sweet science" to start promoting it. Before becoming a boxing promoter, you need a boxing promoter bond. This page explains what it is and the process of obtaining one in detail.
What is a Boxing Promoter Bond?
It is a surety bond type that many (but not all) states require someone to have before granting them a license to promote boxing matches. This license, in some states, can also apply to other combat sports like MMA.
Surety bonds hold someone liable for any financial damages that result from illegal conduct. In the context of boxing promoter bonds, if a promoter breaks state laws that apply to boxing promotions, they must pay for any damage to a person, property, or the public at large that results.
How Does a Boxing Promoter Bond Work?
There are three parties involved in the surety bond agreement:
- Principal – The boxing promoter required to get the bond. The principal must pay for any valid claim for compensation filed against the bond by the obligee.
- Obligee – Anyone who suffers financial losses because of the principal (the boxing promoter). The obligee has the right to file claims against the bond, and they are guaranteed a settlement for valid claims.
- Surety – The company that underwrites the bond and investigates the bond claims. If the principal fails to settle a valid claim, the surety settles it automatically. Then, the surety works to collect the settlement amount from the principal, who remains financially liable for it. Principals who do not pay back the surety will lose bond coverage (and their license) and could possibly face a lawsuit.
Who Needs a Boxing Promoter Bond?
Boxing promoters in 36 states (at the time of writing) need some form of boxing promoter bond. Find out if surety bonds for boxing promotions are required in your state and how much coverage is required by contacting the state agency that regulates the boxing industry.
How Much Does a Boxing Promoter Bond Cost?
Every state has different surety bond requirements, including different minimum coverage limits. Whatever that coverage limit is, the cost of the surety bond will be a small percentage of it. Bond costs are specific to each bond seeker and quoted based on credit scores and financial history. Excellent credit leads to lower costs, and bad credit has the opposite effect – raising prices and making it harder to get approved for a bond in the first place. If the latter is the case for you, take advantage of Viking Bond Service's special program. It helps make bonds more accessible and affordable for anyone with credit issues.
How to Get a Boxing Promoter Bond
Be prepared to provide the following:
- A completed bond application
- Permission for the surety to run a credit check
- Supplemental documents (e.g., financial statements)
The surety uses this information to quote the bond cost, and coverage activates as soon as that cost is paid.
Viking Bond Service for Boxing Promoter Bonds
Viking Bond Service is here to help aspiring boxing promoters get the bonds they need. Request a quote at any time to get a number back in under 24 hours. Have any questions? Contact us or call 1-888-2-SURETY (1888-278-7389).
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