The North Carolina State Boxing Commission requires all boxing promoters to carry a $10,000 Boxing Promoter License Bond. The bond is a financial guarantee that all boxing promoters (including kickboxing, MMA and toughman events) uphold their contracts and follow the guidelines set forth by North Carolina state statutes.
With Jet, the process to purchase the bond takes only minutes for promoters to knock it out online.
With Jet, the cost for the promoter bond cost starts at $100 for a year. Most promoters will qualify at the rates shown below at the preferred tier of pricing. Rates will vary depending on the personal credit of the boxing promoter.
A monthly payment option is available only at Jet that can be cancelled at any time. Promoters may choose to prepay for a 2- or 3-year bond term and they can save a couple of bucks in the process.
Jet will handle the bond filing following payment by shipping the original form directly to the commission. The typical bond agent will charge their customers’ to ship the bond to the customer and leave it to the boxing promoter to send the form to the boxing commission.
For those applying for a new license, they may want to submit the original bond form with the rest of their application to the Boxing Commission. At checkout with Jet, you will have the option to have the bond sent to your address. The Boxing Promoter Bond needs to be sent to the following address:
State of North Carolina State Boxing Commission
P.O. Box 29500
Raleigh, N.C 27626-0500
With Jet you can! Unlike all other insurance carriers, Jet does not apply minimum earned premiums to bonds. Meaning you will get any unused bond premium amount sent back to you for bonds purchased annually.
For those on a monthly payment schedule, you just need to notify Jet that you would like the bond to cancel and we will stop withdrawing payments.
With the Boxing Promoter Bond there is a 60-day clause wherein the bond remains active after the NC Boxing Commission receives the cancellation notice from the surety company. Jet does have to account for the active time period when calculating the return premium of the bond.
Boxing promoters need to follow the rules and regulations set forth by the State of North Carolina General Statutes Chapter 143 - Article 68. The promoter needs to abide by the contracts entered into. All vendors, including fighters, judges, hot dog carts, etc. need to be paid as agreed upon.
Vendors and the public can file complaints directly to the Boxing Commission against the promoter whether the damage was caused in error or fraudulently. The Boxing Commission may act as a mediator and find where the truth lies. Should the promoter be at fault, it would be at this time, they can resolve the conflict and comply with the determination of the commission.
The guilty promoter, who refuses to atone for breach of contract or other rule may face further disciplinary action. This may include civil penalties ranging from $5,000 to $25,000, misdemeanor charges and even a claim on the surety bond.
Agents and Brokers selling bonds will not be the company to represent a promoter should a claim be made on the bond. It is handled by a 3rd party carrier, unknown to the promoter at the time of purchase. With Jet, there are no middlemen and we will defend boxing promoters against fraudulent claims.
Should the bond claim be valid, Jet will make payment to the damaged party up to the $10,000 bonding limit. The boxing promoter is still responsible for their actions and must pay the surety, in this case, Jet back in the amount that was paid out. Failure to do so may result in a suspension of the fight promotion license.
The North Carolina State Boxing Commission exists to promote safe boxing, kickboxing, MMA and toughman live events. The state statutes charge the commission with the responsibility of licensing and regulating all the various vocations surrounding the fighting industry, including promoters.
The state legislature requires the promoter to have a $10,000 surety bond as part of their licensing requirements. The promoter has the job of bringing the event to life which necessitates contracts with participants, judges, referees and various other vendors. This is a licensing requisite in North Carolina statutes to guarantee the promoter lives up to their word (their contract) due to the risk to all the parties that could be affected by the potential dishonest actions of the promoter.
The Boxing Commission enforces the rules surrounding boxing promoters, verifies proper bonding and can even file a bond claim on behalf of a damaged party.
With Jet the bond purchase will only take a couple of minutes online. Instead of having to wait for an agent to check with third party carriers, sending your information everywhere online you can deal with Jet directly.
The online application does require a soft credit check which takes in moments. After purchase, you will receive a copy of the bond and receipt.
For boxing promoters who purchase the bond on annual terms, Jet will send out notice prior to the bond’s expiration date. With Jet the renewal of the bond is as simple as making the payment online or via check.
Promoter on Jet’s monthly payment option will not have to worry about renewing the bond. As long as the automatic monthly payment is made the bond will remain active.