Notary Bond Application:
X
Alabama Fight Promoter Bond
Mixed Martial Arts (MMA), Boxing, Kickboxing and Toughman promoters in Alabama are required to have a Fight Promoters License Surety Bond by the Alabama Athletic Commission. The bond is a financial guarantee, given from Jet Insurance Company to the Commission, to provide compensation to anyone not properly paid by the promoter.
Jet provides this bond directly to you in moments, truly knocking out our competition. And this isn’t some jiu jitsu or ground-and-pound thumping of our competitors - we are a superman knockout 6 seconds into the first round, eyes rolling to the back of their head type of victory.
What Is the Lowest Price for the Alabama Fight Promoter Bond?
The Promoter License Bond cost starts at $100 annually or $10 monthly. The rate may vary based on the bond limit set by the Commission and the personal credit of the promoter. Below are our preferred rates for a couple of different bond limits.
| Bond Limit | Monthly Cost | Annual Cost |
|---|---|---|
| $10,000 | $10 | $100 |
| $25,000 | $25 | $250 |
| $50,000 | $50 | $500 |
With Jet, you have the advantage of paying for the bond monthly. There are no added hassles as the payment comes out automatically from the card you provide.
The bond limit determined by the Athletic Commission will be based on an estimated amount to cover promoter obligations and contracts throughout the year. The larger the promotion, the larger the bond amount will be required. The Commission may even raise the bonding amount if they deem necessary based on their evaluation of the promoter. The minimum bonding amount necessary is a $10,000 limit.
Why Is the Fight Promoter Bond in Alabama Required?
The Alabama Athletic Commission, much like many other states, recognizes the risk that exists with fight promoters. The promoter gathers funding and ticket sales while promising to pay purses to fighters, and wages to judges, inspectors, referees, timekeepers, physicians, and vendors. Patrons expect to see a show if they pre-paid for their tickets. And not surprisingly, the state government expects to get their fees and taxes.
With so many relying on financial compensation from the promoter, the Commission will not just take a promise from the promoter that everyone will be paid. Enter the surety company, Jet, who provides the Promoter Surety Bond and essentially a guarantee that the promoter will not damage anyone financially. We can’t make any promises for damages caused if the promoter jumps into the ring, however, Jet will make payment to damaged parties if the promoter fails to do so, but we are not a payroll service and we ourselves are indemnified from losses from the promoter.
How Does a Promoter Get the Bond From Jet?
Take about 3-5 minutes online to complete our application and make payment. Pretty Simple.
We do ask for a social security number, and the rate may be affected by the personal credit of the owner. This is a soft credit check, will take only seconds, and will not affect the credit health of the applicant.
Once payment has been completed, you will receive the bond and receipt immediately online.
How Does the Promoter Bond Get Filed to the Alabama Athletic Commission?
Jet can send it over to the Commission following the bond purchase or the promoter can send the bond form in themselves via email. Either way works with the commission, just let us know at checkout.
Should any original forms need to be mailed to the commission, it would go to the following address:
Alabama Athletic Commission
2777 Zelda Rd
Montgomery, AL 36106
What Happens if I Need to Cancel My Promoter License Bond?
Just email your request to [email protected] and we will start the process. Jet has to send a cancellation request to the Commission. After 60-days from receipt of the cancellation notice, the Commission will cancel the bond.
We will provide a refund from that cancellation point for any time left on the bond. For those paying monthly, we will stop payments after the 60-day period.
How Do I Renew the Bond With Jet?
Plan on hosting more fights next year? Then, you will need to renew your bond. All Jet requires is payment which can be done over the phone or online. We will send you plenty of notices prior to the expiration date of the bond.
For those paying monthly, there is nothing to do. So long as the payments come through clean, the bond stays active.
How Does a Promoter Avoid Complaints Against Their License?
Promoters need to pay people as agreed upon for services provided and pay the Athletic Commission their dues. Easy as that, right? There are a litany of other rules and regulations listed for reference on the Alabama Athletic Commission website. But when it comes to surety bonds, the main concerns are the financial obligations.
If a contestant, judge, hot dog vendor, etc. complains they did not receive proper compensation, double check the contract entered and verify what payment was made. No contract? Then, you may have a bigger problem. If there was a shortage in the payment made, then correct the mistake and make the payment.
The Alabama Attorney General will investigate complaints made against the promoter. Should the complaint be valid, the Attorney General will dish out the punishment. Failure by the promoter to once again not properly compensate aggrieved parties following the disciplinary action set by the Attorney General may lead to a claim against the bond to pay for damages.
What Happens if I Get a Promoter Bond Claim Notice?
Should you receive a bond claim notice, please forward it to Jet along with any supporting documentation such as contracts, payment stubs, etc. Most likely a bond claim occurred after an investigation and ruling, but in any case Jet will provide a defense that not even George Foreman would see coming #ropeadope.
A valid claim will lead to a payout by Jet to the damaged party, but not in an amount to exceed the bond limit. We have about a 30-day window to handle the whole process front to back, but can request more time if necessary.
The story does not end here as the promoter will need to repay Jet for any damages paid out. The surety bond, unlike insurance, is a guarantee of payment, not a transfer of culpability. The promoter is still responsible for their actions and debt caused.
