Ski resorts are affected by a new bill that was introduced in Utah State. The new bill, which is referred to as SB 187, requires ski resorts in the State to be licensed and to acquire a surety bond or cash in the quantity of $25,000. The surety bond is conditioned on fulfillment of the new bill and must stay active for the license term. Another separate surety bond will not be necessary for any of the resort’s sublicenses. The aggregate of any surety bonds that the resort licensee attains must provide coverage for each sublicense. Should the license be withdrawn, then the surety bond may be forfeited under SB 187.
Eric is the Chief Marketing Officer of JW Surety Bonds. With years of experience in the surety industry, he is also a contributing author to the surety bond blog.