New York Health Studio
The New York Health Studio is a $150,000.00 bond.
This bond is available in 1 year term.
Health Studios are required to register with the department annually and a letter of credit or certificate of deposit. Health studios will also need to post a surety bond. The purpose of this security is to reimburse members if the studio fails to meet its contractual obligations to its members. The law authorizes the department to collect registration fees; penalty fees are imposed on studios that do not register or post security.
Ashton Agency has a 99% approval rate and offers the New York $50,000; $75,000; $150,000 Health Club bond for some of the most competitive rates. Let us save you money!
Who needs a health club bond?
In the State of New York, health clubs are required to obtain a surety bond to be in compliance with Article 30 of the State of New York General Business Law. Everything health club, except as provided in subdivision 10 of the section, before it enters into any contract for services for use by a buyer of a health club, shall file and at all times maintain with the secretary, in form, amount as prescribed herein and substance satisfactory to him:
- A bond with a corporate surety, from a company authorized to do business in this state; or
- An irrevocable letter of credit or a certificate of deposit from a New York State or federally chartered bank, trust company, savings bank or savings and loan association qualified to do business in New York State and insured by the federal deposit insurance corporation.
What is the health club bond?
The health club bond protects the party requesting the surety bond, the Obligee, against any financial losses as a result of poor financial choices, damages, unethical decisions, or a failure to adhere to state and local laws on the part of you, the Principal. By obtaining your bond, you are telling the Obligee that you can be trusted and that you stand by your business decisions.
The principal sum of the bond, letter of credit, or certificate of deposit shall be;
- $50,000 if the health club sells contracts for services for a term not greater than 12 months; or
- $75,000 if the health club sells contracts for services for a term more than 12 months and up to 24 months; or
- $150,000 if the health club sells contractors for services for a term more than 24 months and up to 36 months.
The New York health club bonds are also known as: New York health studio bond, New York health spa bond, fitness bond, fitness club bond, and health club bond.
What else do I need besides the bond?
Health club owners will submit the original signed bond form to the New York Division of Licensing Services at the following address:
New York Division of Licensing Services
One Commerce Plaza, 99 Washington Ave
Albany, NY 12231
They may be reached by phone at (518) 474-4429.
Get Bonded Within One Business Day!
Only Ashton Agency can provide you with:
- The lowest price for your health club bond.
- Quickest turnaround time.
- The ability to meet or beat any competitor's pricing.
Many companies offer the health club bond, but by contacting the Ashton Agency, you can be sure you'll be getting the best price available, not to mention our stellar customer service and insider knowledge of the industry. We've been helping people get bonded for more than 45 years. Let us put that experience to work for you today!
Call us now at (800) 451-4854 for a free quote and we will contact you within 24 hours. We can assist you over the phone to ensure you receive your bond quickly and easily!
Don't have time to speak on the phone? Please fill out our easy online application and fax to (407) 678-2468. We can get you started right away!
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