How much does a health club bond cost in New Hampshire?
A surety bond for not less than $50,000 is required by the New Hampshire Department of Justice if one wishes to start a health club. The state determines the amount of the bond, so applicants should verify the required amount before bonding. These bonds are credit-based, meaning that the premium an applicant will pay is determined by a review of their credit. Applicants with excellent credit could pay as little as 1% of the total bond amount.
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|Bond Type||Bond Amount||Cost by Credit Score*|
|680 and up||679 - 600||599 or lower|
|Health Club Bond||$50,000||Starts at $500||$2,000-4,000||$5,000+||Apply Now|
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Why do I need this bond?
The New Hampshire Department of Justice requires health clubs to file a bond in accordance with Trade and Commerce Chapter 358-I. If the health club violates any of these terms, a claim can be filed against the bond in order for club members to recoup any financial loss up to the full bond amount. The club must then reimburse the surety for damages paid out.
What’s the fine print?
Health club bonds are continuous and must be renewed annually until there is a claim against the health club or it is cancelled. A surety can cancel the bond with a written notice to the Department of Justice 30 days before its effective date.
How to become a health club in New Hampshire
To become a registered health club, an applicant must file at least a $50,000 surety bond. In addition to the bond, an applicant must submit the following:
- Proof they are 18 years or older
- A registration with the Department of Justice
- a $100 registration fee
Complete Licensing information can be accessed in the important links section below.
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