Health Club Bond

Health club bonds are bonds that protect consumers from losing investments. As more health and fitness clubs open all over the country, the competition between them is fierce. With more than 50 million Americans currently enrolled in a membership with either a private fitness center or larger corporate chain, there is a necessity to protect members who have invested in these centers.

Many states now require that health clubs purchase a health club bond in order to operate. Fitness center owners should check with their state’s agency in order to see if it is required for their state. If the health club obtains a health club bond, it ensures that if the fitness center is forced to close, the members who have purchased memberships will be protected. The bond will allow the consumer to receive compensation for the amount that was already paid in advance.

While these bonds protect the consumers, they also protect the business owners from lawsuits by ensuring that the fees are reimbursed to the affected members. This bond also ensures that the company will abide by all the rules and regulations that pertain to it. It is important for health club facilities to communicate to the public about their bond status in order to maintain a level of trust with its customers. In some states, if any health club opts to cancel its bond, notice may be required to be given to every current member or advertised.

Businesses that may require a health club bond include gyms, health spas, martial arts studios, fitness clubs, or any other similar facility.


Application for


Current or expiring quote we are looking to beat:


Name of previous surety company writing to the bond:


Section I: Bond Applied for

Type of Bond

Effective Date

Expiration Date


Type of Company

CORP

LLC

DBA

Partnership

Bond Amount


(Obligee)


Obligee Address


Section II: General Information

Applicant's Name

Spouse Name


SS#

Spouse SS#

Home Phone


Residence Address

City

State

Zip


Status of Residency

Own

Rent

At Current Address Since


Date of Birth

Spouse Date of Birth

Business License Number


Business Name


Business Phone

Business Fax

Business Email


Business Address

City

State

Zip


Date Business BEGAN Under Present Individual or Firm Name

Business Tax ID


Has any company refused to issue bonds for any purpose?

Yes

No

Do you have any liens, claims or judgements against you?

Yes

No


Has applicant ever failed in business?

Yes

No

Has applicant filed bankruptcy in the last 10 years?

Yes

No


If yes, Chapter 7?

Yes

No

Chapter 11?

Yes

No

Chapter 13?

Yes

No


Date Filed for Bankruptcy?


Date of Discharge?


If yes to any, please explain:


Section III: Additional Parties

Name

Spouse Name


SS#

Spouse SS#

Home Phone


Home Address

City

State

Zip


Personal Financials

(if more than one owner, each has to fill out this app)

Statement of assets and liabilities as of


Assets Liabilities
Cash in Bank Notes Payable to Banks
Cash on Hand Notes to Others(excl. of equipment)
Stocks and Bonds Accounts Payable
Accounts Receivable Federal and State Income Tax Due
Notes Receivable All Other Taxes
Inventory Accruals, Payrolls, Etc.
Cash Value Life Insurance    
Equipment Due on Equipment
Real Estate Due on Real Estate
Other Assets Other Liabilities
    Surplus and Undivided Profits
    Capital Stock(if a corporation)
       
Total Assets Total Liabilities

Net Worth


Name of Owners

Name and Title of Officers

% of Ownership


Are you an insurance agent?

Yes

No

Agent License #

Agent State

Completion of this form constitutes permission for Cal Society Insurance Services to obtain customer information which will be used to determine bonding eligibility. This information will be held in the strictest confidence.