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How much does a New York health club bond cost?
If your business enterprise offers training for the development of physical fitness, you are required to post a surety bond. Bond amounts are based on the term length of the service contracts offered at your club. Bond amounts are as follows:
- Terms less than 12 months - $50,000 bond
- Terms between 12-24 months - $75,000 bond
- Terms between 24-36 months - $150,000 bond
If you have 3 or more health club locations the following amounts will be added to your bond amount:
- 3-4 locations - an additional $50,000 bond
- 5-6 locations - an additional $100,000 bond
- 7-9 locations - an additional $150,000 bond
- 10 or more locations - an additional $200,000 bond
This specific bond type is subject to underwriting. This means the bond premium is determined by the financial credentials of your credit report. For a free quote on your bond, complete a bond request form.
Bad credit? No worries! Our bad credit program allows you to be bonded at the lowest rate available to your specific needs. Give us a call at 1 (800) 308-4358 or fill out our easy bond request form online to find out more.
Why do I need this bond?
By posting this bond, the principal (health club owner) guarantees to conduct business in full compliance with Article 30 of the General Business Law. If the health club goes out of business or fails to provide a new member a contract for services, the principal is obligated to indemnify all injured members.
Have a question about this bond? Contact a bond expert by submitting a bond request.
What’s the fine print?
This specific bond type will remain in full force unless canceled by the surety. If the surety chooses to cancel a bond, a written cancellation notice must be mailed to the Secretary of State 60 days prior to the deemed cancellation date.
How to start a health club in New York
For licensing information, contact the Division of Licensing Services at: Phone: (518) 474-4429 Fax: (518) 473-648. Send the Division of Licensing Services a message.