Promoters of boxing, mixed martial arts, kickboxing, karate and tough person competitions are obligated to hold two surety bonds in order to be licensed with the Ohio Athletic Commission.
Jet offers the $20,000 Fight Promoter License Bond as assurance all participants (fighters, judges, referees, etc.) will be paid in the case that the fight promoter fails to do so. The $2,500 Fight Promoter Tax Revenue Bond is a guarantee the State of Ohio will get their tax payment if the fight promoters neglects their obligation.
Purchasing your bond with Jet means you have someone fighting in your corner; we have a vested interest in you since we are the direct insurance company that is backing your bond. We won’t back away from a fight for your defense.
The cost of the $2,500 Boxing Promoter Bond starts at $10 per month or $100 per year. The $20,000 Boxing Promoter Bond starts at $20 per month or $200 per year. Both bond rates are based on a personal credit check and will vary.
|$2,500 Promoter Tax Revenue||$10||$100|
|$20,000 Promoter License||$20||$200|
Jet offers an exclusive monthly payment plan that makes it easier to start paying for your bond and get in the ring.
You can knock out Jet’s online application in the same amount of time as a single round of boxing. All that’s needed is basic business information and the promoter’s social security number. A soft credit check will be used to see what rates you are qualified for, but don’t worry, this won’t affect your credit score. At the end of the application, you can purchase the approved rate right away and receive a bond copy and receipt.
The Ohio Athletic Commission will need a completed bond form submitted — Jet will take care of that and can even mail the bond, if needed. The Commission prefers to have the original bond submitted with the license application when possible, and in that case Jet will send you the original bond form. The address for submitting the bond is:
State of Ohio Athletic Commission
242 Federal Plaza West, Suite 405
Youngstown, OH 44503
As for bond renewals, Jet will send you a notice when it’s getting close to that time. Whether online or through the mail, simply submit payment for the new term. Jet will take care of the rest!
Monthly payment subscribers don’t have to deal with renewing their bond; every payment makes sure that your bond stays active.
If you need to cancel the bond, let Jet know right away through a written request (like an email to firstname.lastname@example.org). We will request cancellation with the Commission and they will begin the 60-day cancellation period. Once the bond is finally cancelled, Jet will review if a refund is available from the time that was left on a bond that was fully paid for. Monthly payments will end after the cancellation period; refunds are not available for monthly payments.
The purpose of a Boxing and MMA Promoter Bond is to make sure that the people that promoters are supposed to pay will actually be paid. If the promoter doesn’t pay taxes for an event, the $2,500 bond will provide payment to the Treasurer of the State of Ohio after a claim is filed. If the promoter doesn’t pay competitors, judges, timekeepers, referees, physicians, inspectors or anyone assigned by the Commission, a claim can be filed on the $20,000 bond for participants to receive their compensation.
Promoters can find information about payments and their responsibilities in the Ohio Athletic Commission Promoter Guide, and in Level 3773 of the Ohio Administrative Code or Section 3773.31–3773.57 of the Ohio Revised Code. But, basically, the way to avoid claims on a bond is to pay everybody what they are due.
Failure to pay participants will result in the suspension of the dealer’s license until payment is completed. Failure to pay taxes will lead to an interest charge of 5% a month, up to 25% (ORC 3773.55). If the payment is still not completed, action will be taken on the bond for compensation either by the participant, the Treasurer, or the Attorney General on their behalf.
If a claim is filed against your bond, tell Jet right away! We will begin the claims process according to the Ohio Administrative Code 3901-1-01:
If the claim is accepted (found to be valid), Jet is required to pay the injured party/parties. Since you were responsible for the initial payment and did not fulfill that responsibility, your actions were the cause for the claim. You are ultimately held accountable for your actions and will be required to pay Jet back in the amount of the claim.
Yes, the promoter is required to carry both bonding requirements: the $2,500 bond and the $20,000 bond.