South Carolina Boxing Promoter Bond: A Comprehensive Guide
This guide provides information for insurance agents to help their customers obtain a South Carolina Boxing Promoter bond.
*Boxing promoters must purchase separate bonds for each event they wish to promote
At a Glance:
- Lowest Cost: $100 per year or $10 per month
- Bond Amount:
- All promoters must purchase a bond in an amount equal to the event’s total purse plus the salaries of all officials
- An additional $10,000 bond for promoters that do not purchase accident and medical insurance policies
- Who Needs it: All licensed boxing promoters operating in South Carolina
- Promoters that do not purchase accident and medical insurance must purchase an additional bond
- Purpose: To ensure the boxers and officials will receive compensation for financial harm if the promoter fails to pay all prizes, salaries, and medical expenses they are liable for
- Who Regulates Boxing Promoters in South Carolina: The South Carolina State Athletic Commission
Background
South Carolina Statute 40-81-420 requires all licensed boxing promoters operating in the state to obtain an exhibition permit from the Athletic Commission for each event they promote. The South Carolina legislature enacted the licensing and permitting requirements to ensure that boxing promoters engage in ethical business practices. To ensure that event participants are paid in full, licensed boxing promoters must purchase and maintain a surety bond to be eligible for an exhibition permit.
Additionally, South Carolina Statute 40-81-425 dictates that promoters that do not purchase accident and medical insurance policies must purchase a separate $10,000 bond.
What is the Purpose of the South Carolina Boxing Promoter Bond?
South Carolina requires licensed boxing promoters to purchase a surety bond as part of the application process to obtain an exhibition permit. The bond ensures that event participants will receive compensation for financial harm if the promoter fails to abide by the regulations outlined in South Carolina Statute 40-81-425. Specifically, the bond protects event participants if the promoter fails to pay all salaries and prizes owed. In short, the bond is a type of insurance that protects the public if the promoter does not pay out all salaries and winnings.
The $10,000 bond ensures that the boxer’s medical bills will be paid for in the event they sustain any sort of injury during the event.
How Can an Insurance Agent Obtain a South Carolina Boxing Promoter Surety Bond?
BondExchange makes obtaining a South Carolina Boxing Promoter bond easy. Simply login to your account and use our keyword search to find the “Boxing” bond in our database. Don’t have a login? Gain access now and let us help you satisfy your customers’ needs. Our friendly underwriting staff is available by phone (800) 438-1162, email or chat from 7:30 AM to 7:00 PM EST to assist you.
At BondExchange, our 40 years of experience, leading technology, and access to markets ensures that we have the knowledge and resources to provide your clients with fast and friendly service whether obtaining quotes or issuing bonds.
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How is the Bond Amount Determined?
South Carolina Statute 40-81-425 dictates that the bond must be equal to the event’s total purse amount plus the salaries of all officials involved in the event, including the ringside doctor. The statute also dictates the required bond amount for promoters that do not purchase accident and medical insurance policies is $10,000.
Is a Credit Check Required for the South Carolina Boxing Promoter Bond?
Surety companies will run a credit check on the promoter to determine eligibility and pricing for the South Carolina Boxing Promoter bond. Promoters with excellent credit and work experience can expect to receive the best rates. Promoters with poor credit may be declined by some surety companies or pay higher rates. The credit check is a “soft hit”, meaning that the credit check will not affect the promoter’s credit.
How Much Does the South Carolina Boxing Promoter Bond Cost?
The South Carolina Boxing Promoter Bond can cost anywhere between 1% to 5% of the bond amount per year. Insurance companies determine the rate based on several factors including your customer’s credit score and experience. The chart below offers a quick reference for the cost of a $10,000 bond requirement.
$10,000 Boxing Promoter Bond Cost
| Credit Score | Bond Cost (1 year) | Bond Cost (1 month) |
|---|---|---|
| 800+ | $100 | $10 |
| 625 – 799 | $150 | $15 |
| 575 – 624 | $375 | $38 |
| 450 – 574 | $500 | $50 |
*The credit score ranges do not include other factors that may result in a change to the annual premium offered to your customers, including but not limited to, years of experience and underlying credit factors contained within the business owner’s credit report.
Who is Required to Purchase the Bond?
South Carolina requires licensed boxing promoters to purchase a surety bond as a prerequisite to obtaining an exhibition permit. Promoters that do not purchase accident and medical insurance policies must purchase a separate $10,000 bond. South Carolina Statute 40-81-20 defines a boxing promoter as a person who advertises, presents, conducts, holds, or gives a boxing event or exhibition in South Carolina.
BondExchange now offers monthly pay-as-you-go subscriptions for surety bonds. Your customers are able to purchase their bonds on a monthly basis and cancel them anytime. Learn more here.
How Do Boxing Promoters Apply for a Permit in South Carolina?
Boxing promoters in South Carolina must navigate several steps to obtain an exhibition permit. Below are the general guidelines, but promoters should refer to the permitting statutes and application form for details on the process.
Step 1 – Obtain a License
South Carolina requires boxing promoters operating in the state to obtain a license before engaging in business activity. To apply for a license, promoters must submit their completed applications online here or mail them to the following address:
South Carolina State Athletic Commission
P.O. Box 11329
Columbia, SC 29210
Promoters must pay a $150 fee and submit a background check from their state of residence when submitting their application.
Step 2 – Purchase a Surety Bond
All boxing promoters must purchase a surety bond in an amount equal to the event’s total purse as well as the salaries of all event officials. Promoters that choose not to purchase accident and medical insurance policies must obtain an additional $10,000 bond.
Step 3 – Complete the Application
Promoters are eligible to apply for an exhibition permit after obtaining a license and purchasing a surety bond. Promoters should submit their completed permit applications, including a $150 fee, to the following address:
South Carolina State Athletic Commission
P.O. Box 11329
Columbia, SC 29211
Promoters must submit their applications at least 15 days before the event.
How do South Carolina Boxing Promoters Renew Their Licenses?
Boxing promoters in South Carolina can renew their licenses online here. All South Carolina Promoter Licenses expire on January 1 of each year and must be renewed before the expiration date.
Do South Carolina Boxing Promoters Need to Renew Their Permits?
No, boxing promoters in South Carolina do not need to renew their permits as they will be valid for the duration of the event. However, promoters must obtain a new permit for every event they wish to promote.
What are the Insurance Requirements for Boxing Promoters in South Carolina?
South Carolina requires boxing promoters to purchase $10,000 worth of accident and medical insurance or obtain a surety bond in the same amount. All boxing promoters must purchase a surety bond in an amount equal to the event’s total purse as well as the salaries of all event officials.
How do South Carolina Boxing Promoters File Their Bonds?
Boxing promoters should submit their completed bond forms, including the power of attorney, online here or mail them to the following address:
South Carolina State Athletic Commission
P.O. Box 11329
Columbia, SC 29211
The surety bond requires signatures from both the surety company that issues the bond and the promoter. The surety company should include the following information on the bond form:
- Legal name of the entity/individual(s) buying the bond
- Surety company’s name
- Bond amount
- Date of the event
- Date the bond is signed
What Can South Carolina Boxing Promoters do to Avoid Claims Made Against Their Bonds?
To avoid claims against their bonds, boxing promoters in South Carolina must ensure that they:
- Pay all prize money and salaries owed
- Pay all medical expenses they are liable for
What Other Insurance Products Can Agents Offer Boxing Promoters in South Carolina?
Most reputable boxing promoters will purchase liability insurance. Bonds are our only business at BondExchange, so we do not issue any other types of insurance, but our agents often utilize brokers for this specific line of business. A list of brokers in this space can be found here.
How Can Insurance Agents Prospect for South Carolina Boxing Promoter Customers?
South Carolina conveniently provides a public database (search by city) of active boxing promoters in the state. Contact BondExchange for additional marketing resources. Agents can also leverage our print-mail relationships for discounted mailing services.
