New York Health Club Bond
1. Start Your Application
2. Receive Your Free Quote
3. Buy Your Surety Bond
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How Much Does a New York Health Club Bond Cost?
The cost of a health club bond in New York is between $500 and $35,000. The required bond amount ranges from $50,000 to $350,000, based on the number of locations and the duration of the service contract. However, you can meet the state’s requirement without paying the full penal sum of the bond. Your bond is available from a surety company for a bond premium.
Our reputable surety company is authorized to provide bonds in New York. We have been serving customers for over a decade, and bond rates are available from 1% to 10%. Factors such as your business experience, credit rating and assets are reviewed when you apply to determine your bond rate.
All applicants, regardless of credit score, are considered. We bond more than 99% of our applicants. If you apply for a New York health club bond with at least a 700 credit score, your rate will be between 1% and 3%. With this rate range, the bond cost is between $500 and $1,500.
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Surety Bond Cost Based on Credit Score |
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|
Surety Bond Name |
Surety Bond Amount |
Over 700 |
Between 600 - 699 |
Below 599 |
|
New York Health Club Bond |
$50,000 |
$500 - $1,500 |
$1,500 - $2,500 |
$2,500 - $5,000 |
How to Get a New York Health Club Bond
1. Apply For Your Bond
Our short process is a hassle-free way to set up your new health club bond. To begin our three-step process, spend a few minutes filling out the online application.
2. Get Your Bond Quote
We review all bond applications promptly, so many of our valued customers get their bond quote within a few minutes. In the event an application is complex and needs additional review, we will provide a quote within 48 hours.
3. Buy Your Bond
The final step is to pay your bond premium using our online payment portal. Once your payment is made, your bond will be delivered to you via email. If requested, we can also mail your bond.
Our bond experts are happy to help you set up your new bond. For assistance, please contact us online or by phone at (877) 514-5146.
Jess planned to open a health club and needed the required bond. It only took a few minutes to apply, and she soon got a bond quote from us. After paying for her bond online, she received her new bond via email and started selling club memberships to her customers.
Apply for a free no-obligations quote on your surety bond!
Health Club Bond Requirements in New York
Under New York Consolidated Law §622-a, every health club operating in the state must provide proof of financial responsibility. The state accepts a surety bond in the amount of $50,000 to $3500,000 to meet this requirement. For health club businesses with one location, the bond amount is:
|
Bond Amount |
Contract Service Term |
|
$50,000 |
12 months or less |
|
$75,000 |
Between 12 and 24 months |
|
$150,000 |
Between 24 and 36 months |
For businesses with more than one location or for multiple franchises, the additional bond amount is:
|
Bond Amount |
Number of Locations |
|
$50,000 |
3-4 |
|
$100,000 |
5-6 |
|
$150,000 |
7-9 |
|
$200,000 |
10 or more |
The bond obligee is the People of the State of New York. The bond must be maintained or immediately replaced for the principal to maintain its state license. This is a continuous bond with no expiration date. The surety company can cancel or revoke the bond by providing the state with a 45-day advance notice.
A requirement to maintain the surety bond is to pay the bond premium each year. We will contact you annually before the due date with renewal payment instructions.
How to Get Your Health Club License in New York
The New York State Division of Licensing Services is responsible for ensuring health clubs maintain the required documentation, but the state does not have a license requirement. To comply with the state’s bond requirement, the bond form must be provided to the Division of Licensing Services.
For full details about health club requirements in New York, contact:
New York State Department of State
Division of Licensing Services
99 Washington Avenue, One Commerce Plaza, 6th Floor
Albany, NY 12231
Phone: (518) 474-4429
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What Our Clients Have To Say?
Quick response times and turn around for issuing bonds. Great customer service and very knowledgeable. We have used Lance Surety multiple times and have never been disappointed. Highly recommend them and Collette!
Long story short, these guys cut through the B.S. and get the job done. Responsiveness, excellent! Communication, excellent! Respect for their industry partners, excellent! John, Collette, Ryan, you're all-stars! Thank you!
We decided for Lance Surety Bond's quote for 2 reasons; Price and Customer Service. Our Representative Ryan was just SUPERB!! [...] I highly recommend Lance Surety Bond for all your Bonding needs! I'll definitely come back for all of mine. :-) Thanks Ryan!
Quick response times and turn around for issuing bonds. Great customer service and very knowledgeable. We have used Lance Surety multiple times and have never been disappointed. Highly recommend them and Collette!
Long story short, these guys cut through the B.S. and get the job done. Responsiveness, excellent! Communication, excellent! Respect for their industry partners, excellent! John, Collette, Ryan, you're all-stars! Thank you!
We decided for Lance Surety Bond's quote for 2 reasons; Price and Customer Service. Our Representative Ryan was just SUPERB!! [...] I highly recommend Lance Surety Bond for all your Bonding needs! I'll definitely come back for all of mine. :-) Thanks Ryan!
