What Is a SAG-AFTRA Surety Bond
The SAG-AFTRA surety bond is required by the Screen Actors Guild (SAG) and the American Federation of Television and Radio Artists (AFTRA). You need to obtain the bond if you want to represent actors, writers, DJs, and a range of other media professionals. The bond is required so that you can become a SAG-AFTRA franchised talent agent.
SAG-AFTRA surety bonds are a three-party contract, just like other types of surety bonds. Your talent agency that needs to get bonded is the principal. The SAG and AFTRA organizations that require the bonding are the obligee. The surety is the entity that provides the bond for you.
Questions about Talent Agency Bond
Who needs to obtain a SAG-AFTRA surety bond?
The SAG-AFTRA surety bond is needed to become a franchised talent agent for actors, writers, and other artists and media professionals who are members of the Screen Actors Guild (SAG) and the American Federation of Television and Radio Artists (AFTRA).
The two labor unions aim to guarantee the best working conditions, wages, and benefits for their members. The surety bond guarantees that you will represent SAG or AFTRA members in the best possible manner and will protect your clients’ interests. You need to use the official SAG-AFTRA surety bond form in order to receive the status of a franchised talent agent for these organizations. The bond ensures you will comply with SAG-AFTRA’s Regulations Governing Agents.
How much does a SAG-AFTRA surety bond cost?
The surety bond price that you will need to cover depends on the bonding amount that you need to post. Depending on the state in which you operate, you may have to post a separate talent agency bond together with the SAG-AFTRA surety bond.
If you’re based in a state with no talent agency bond requirement, you have to obtain a $20,000 SAG-AFTRA surety bond. If your state requires a talent agency bond, then the SAG-AFTRA surety bond amount will be in addition to the other bond, so that the total amount is $20,000.
The bond premium you have to cover is a fraction of the bond amount. If your finances are in good shape, this means you have to pay 1%-4% of the bond amount. For a $20,000 bond, the premium can be as low as $200-$800.
Your bond price is determined on the basis of your personal and business finances. Your surety needs to take a close look at your personal credit score, business financials, as well as any assets and liquidity you may have. That’s how it can assess the risk of providing you with the bonding. If your overall profile is solid, you can expect to pay less for your bond.
|Bond Type||Surety Bond Amount||Above 700||Between 650-699||Between 600-649||Below 599|
|SAG-AFTRA Surety Bond||$20,000||$200-$400||$300-$600||$500-$1,000||$1,000-$3,000|
Make sure to check our surety bond cost page for a full overview on how your bond cost is calculated.
Can I get bonded with bad credit?
It can be tough to get the SAG-AFTRA surety bond you need if you have problematic finances. Lance Surety Bonds offers its Bad Credit Surety Bonds program to provide bonding options for applicants with low credit scores, tax liens, bankruptcies, or civil judgements.
The bad credit bonding rates are typically between 4% and 15%. Since the bonding risk is higher, the increased premium compensates for it. We work with a number of A-rated, T-listed surety companies, which allows us to shop around for you. That’s how you know you’ll get the best matching bond option for your particular circumstances.
How do I get my SAG-AFTRA surety bond?
Ready to get your bond? You can apply online today for a free, no-obligations SAG-AFTRA surety bond quote. If you want to know your exact bond price, just complete the full application and attach your documents. We can have your bond ready in just a few business days.
For a full overview of the bonding process, you can go through our How to Get Bonded page.
Do you have more questions or need help with your application? Just call us at (877) 514-5146 and we’ll be happy to assist you.
What happens in case of a claim?
The purpose of the SAG-AFTRA surety bond is to protect your clients. If you do not follow your obligations as a franchised talent agent, you may face a claim on your bond.
In case a claim is proven, you’re liable to compensate any harmed parties. At first, your surety pays any costs for the reimbursement up to the penal sum of your bond. You need to repay it in full afterwards.
Surety bond claims are a serious financial threat for your agency. It’s best to avoid them, since they also cause reputational harm and can even prevent you from getting bonded in the future.
Still Have Questions? Check Our FAQ Pages
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