Mixed martial arts and boxing promoter bond cost
The amount of coverage you’ll need for a Michigan combative sports promoter bond will fall between $20,000 and $50,000. The exact bond amount is determined by the Michigan Department of Labor and Economic Growth. Your bond premium will be determined pending underwriting consideration. Applicants with strong financial credentials can expect to pay just 1-4% of the bond amount.
Why this bond
Michigan combative sports promoter surety bonds ensure that principals (promoters) pay all fighters, ring officials, doctors and other professional personnel according to contract. This bond also guarantees that the promoter will pay for all drug tests deemed necessary by the fight’s physicians.
If a principal violates any terms of his or her bond agreement and a consumer is harmed as a result, a claim can be filed against the bond. If the claim is found to be valid, the surety will compensate the harmed party for any financial losses. The principal is ultimately responsible for reimbursing the surety.
Combative sports promoter bond details
Michigan combative sports promoter surety bonds remain in effect for one year. The bond must be filed at least five days prior to the first contest.
The state of Michigan does not have a specific form for this surety bond, so applicants must use the generic license form and put “combative sports promoter” in the description field.
Become a combative sports promoter
The licensing application for Michigan combative sports promoters requires the following information:
- the name and address of the applicant
- the applicant’s phone number
- a statement of the applicant’s good moral character
The promoter must also deliver contracts of all participating professionals to the Department of Licensing and Regulatory Affairs no less than 5 business days before an event.
Apply for your surety bond
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