Boxing Wrestling Bond
A boxing and wrestling bond, also called a promoter bond or combat sports bond, is a surety bond that a state athletic commission or other licensing authority may require before it licenses a promoter. It guarantees that you will follow the rules for your events and meet covered financial obligations, such as paying athletes, venues and event taxes. It applies to boxing, wrestling, mixed martial arts, kickboxing and other combat sports, depending on the state.
How a promoter bond works
The bond is an agreement among three parties: you, the promoter (principal); the athletic commission or licensing authority that requires the bond (obligee); and the surety that issues it. For example, if you fail to pay an athlete after an event, the athlete may be able to make a claim against your bond. The surety investigates, and a valid claim is paid up to the bond amount. If the surety pays a claim, you must repay the surety.
What the bond does and doesn't cover
A promoter bond is not insurance for injuries that happen during a match. It guarantees your compliance with licensing rules and covered financial obligations. Some states also require a separate bond for the tax on event ticket sales and other gross receipts. Texas, for example, asks promoters for both a promoter bond and a gross receipts tax bond, so check whether you need more than one.
Bond amount and your premium
The athletic commission or licensing authority sets the bond amount, and it can vary by state and sometimes by event. In Texas, each of the two promoter bonds is currently $15,000. That amount is the coverage required, not the price you pay. Your premium depends on the surety's underwriting, including your personal and business credit, years in business and experience promoting events. Request a quote rather than relying on a fixed rate.
How to apply
Before you apply, confirm the bond amount, bond form and any other requirements with the commission that issues your promoter license. Then start the online application with your business information and the bond details. WWIS will review your submission and help you with the quote, the commission's bond form and issuance. The bond is usually submitted with your license application or renewal. Approval and timing depend on the surety and a complete application.
Information needed to apply
- The bond amount and bond form required by your athletic commission or licensing authority.
- Your promoter license application or license number, with your business name matching commission records.
- Whether you also need a gross receipts tax bond or another event-related bond.
- Business and owner information, including credit and your experience promoting events.
How long you need to stay bonded
Promoter bonds usually stay in force as long as you hold your promoter license, and you pay a premium each year or at each renewal. Some states keep the surety on the hook after you stop promoting. In Texas, the surety remains liable for any default under the bond until four years after the promoter is no longer licensed. Requirements vary by state, so confirm the details for yours.
Get help with your application
Call 888-518-8011 or email [email protected] for help selecting the bond and completing your application.
If you or your business needs help in obtaining a surety bond or commercial insurance give us a call!