What is a Virginia Boxing, Martial Arts, and Professional Wrestling Program Event Surety Bond?
A Boxing, Martial Arts, and Professional Wrestling Program Event Surety Bond is required in Virginia. The surety bond is for those licensed or seeking licensure with the Commonwealth of Virginia Department of Professional and Occupational Regulation for the purpose of engaging in the business of conducting a boxing or wrestling event, as defined in Virginia Code § 54.1-828. The bond amount or coverage amount for the surety bond must be equal to the sum of the 1) total gate fees if all seats to the event are sold and 2) total amount due to all boxers and wrestlers for their appearance in the event but in no case will the bond amount exceed $100,000.
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Why is a Virginia Boxing, Martial Arts, and Professional Wrestling Program Event Surety Bond Required?
The surety bond secures the faithful and honest adherence with the provisions of Title 54.1, Chapter 8.1, Code of Virginia (1950), regulations for boxing and wrestling; and payment of all damages resulting from misstatement, misrepresentation, fraud, or deceit on the part of the bonded principal, their agents or employees. The surety may cancel this bond at any time by providing 60 days written notice to the Department of Professional and Occupational Regulation.
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