Oregon Fight Promoter License Bond
A Licensed Promoter of unarmed contact sports, such as boxing, wrestling or MMA, in the state of Oregon is required to purchase a $10,000 promoter surety bond to maintain a license. For lesser fee events the bond amount is $5,000. This bond protects the state which establishes liability against the promoter for damages, penalties or expenses arising from a promotional activity. The bond is also a guarantee of payments and reimbursements from promoters to all concerned parties.
Jet provides promoters direct access to surety underwriters and claims handlers without any agents or brokers in the middle. Coupled with Jet’s service is the lowest rate for the Oregon Fight Promoter Bond.
What Is the Cost of the Oregon Promoter Bond?
The Oregon Athletic Commission Promoter License bond starts at $100. With Jet you do have the option of getting a discounted 2 or 3 year bond term or can pay for the bond monthly for either the $5,000 or $10,000 bonding requirement.
| Term | Cost |
|---|---|
| Monthly | $10 |
| 1 Year | $100 |
| 2 Years | $175 |
| 3 Years | $250 |
The purchase process with Jet only takes about 3 minutes online.
How Do I know What Promoter Bond Amount I Need?
Promoters that are doing large events, such as WWE events, are required to post a $10,000 surety bond for the licensing period. Smaller entertaining promotions (as defined by the commission) need to only post a $5,000 bond. The Oregon State Athletic Commission may require a larger priced bond for ultra special events, like an HBO title bout. Any bonding limit over $10,000 will need to be reviewed by Jet, but still can be acquired easily.
Can Jet File the Bond for Me?
Yes! Jet will file the bond with the Commission for you. The Commission will accept electronic filing so no time is lost to get you licensed. Jet will mail the original hard copy directly to the Athletic Commission as is required. Other carriers, or their agents and brokers, will charge you a fee to send you the bond to sign and then you still need to send to the bond form to the Commissioner on your own dime. You will receive a copy of the bond for your records following the purchase of the bond online. With Jet as your partner you can focus on your events and leave the paperwork to us!
All bonds are filed to the following address:
Oregon State Athletic Commission
4190 Aumsville Highway SE
Salem, OR 97317
Can I Cancel my Auto Dealer Bond and Get a Refund?
You can with Jet! Oregon Promoters can cancel the bond at any time and Jet will send back a prorated refund for the remaining time on the bond. Other carriers withhold “minimum earned” amounts and agencies sneak fine print in their “brokers agreements” allowing them to keep all their commissions leaving the dealer with pennies on the dollar, even if the bond was only active for a short period of time. On top of that agencies and carriers apply cancellation and reinstatement fees.
Jet’s monthly payment option makes it even easier for Promoters in Oregon to manage their bond. Cancel at any time and don’t worry about wasting a dime.
How Do Promoters in Oregon Avoid Bond Claims?
To avoid claims, Promoters must abide by the Oregon Athletic Commission’s guidelines:
- Make sure all bills are paid that you are responsible for including purses and wages
- Have adequate funds in account, so no checks bounce
- Fulfill any medical insurance contracts for contestants
- Pay all taxes and fees after events.
If someone brings a complaint or concern against the promoter, the Commissioner will make every effort to solve the issue with both parties. Commission investigators will look into infractions and request they be dealt with in a timely manner. If a remedy is not found or the promoter fails to uphold any judgement against them, damaged parties may make a claim against the bond.
What Happens If a Claim Is Filed on My Promoter Bond?
Jet investigates all claims to make sure they are valid. If the bond claim is valid, Jet will pay the claim. The Promoter still can rectify the situation by reimbursing the Jet as they are still responsible for their actions. Unlike insurance, the surety bond acts like a letter of credit and needs to be paid back.
If the Promoter does not comply with the judgment or pay Jet back for the claim payout, Jet will notify the Commission and cancel the bond, which will result in the Promoter’s license going into suspension. Remember, Jet acts as a guarantor to the Commission and the Promoter will rectify any valid claims. Once the Promoter provides reimbursement, Jet will immediately notify the Commission and reinstate the bond, thereby restoring the Promoter’s ability to put on fight. Jet does follow the following timeline for handling bonds as dictated by the Oregon Department of Insurance.
| 30 days from receiving claim notice | Jet acknowledges receipt of claim in internal files with claimant. Jet sends instructions, claim forms (including proof of loss form) and provides reasonable assistance to claimant. Jet will reply to communications concerning the claim within reason. |
| 45 days from receiving claim notice |
Jet will complete its claim investigation; or Request for more time to investigate, if necessary. |
| 30 days from receiving properly executed proof of loss from claimant |
Jet accepts or denies the claim; or Requests for more time to investigate. |
| 45 days from requesting more time to investigate |
Jet accepts or denies the claim; or Requests for more time to investigate. |
Why Does the Commission Require Promoters to Purchase a License Bond?
The commission exists to oversee, regulate and police combat events. The commission requires a bond to protect the event workers, vendors and fighters from non-payment from the Promoters. Contracts are in effect before events and should the event not happen related or parties go unpaid per contract with the promoter that Athletic Commission requires a financial protection in the form of the surety bond. As a neutral third party, Jet abides to the bylaws of the surety bond agreement and will make payment to the Commission or damaged party.
How Does the Application Process Work For the Bond?
With Jet it is as simple as entering in some basic information and providing payment! Many agents and carriers require promoters to go through a cumbersome process to obtain a surety bond, including paper applications, indemnity agreements, third party premium finance applications, 24+ hour quote turnaround times, etc., Jet’s process will allow you to execute your bond entirely online in about 3 minutes.
PURCHASE PROMOTER LICENSE BOND
How to Renew the Oregon Athletic Commission Promotor Bond
The renewal process is easy with Jet and can be avoided altogether with our monthly payment process. Both the $10,000 and the $5,000 Promoter Bonds in Oregon are continuous, which means the bond remains in place until Jet files cancellation with the Commission. Jet can lock in monthly rates for Promoters, so as long as your credit card stays active the bond stays active.
For Promoters who prefer to pay upfront on annual terms, Jet will send a renewal notice via mail and email so you will not forget to handle this important licensing requirement. Jet’s renewal process is simplified to the point where it will only take a minute for the Promoter to pay online and receive confirmation immediately.
