Whats required for bonding a consumer Sweepstakes?
Bonds are required by Florida and New York if the value of the prize bank exceeds a minimum of $5,000. Bonds are issued by insurance companies to cover the total value of the prize bank to insure that all prizes will be awarded. Bonds for each state can be purchased for approximately 1% – 2% of the total prize bank value. The bonds are released once a notarized Winners List is submitted to the states requiring them. You can purchase the bonds yourself or XFx Media can handle the purchase for you.
