{"id":351,"date":"2017-11-15T11:04:46","date_gmt":"2017-11-15T11:04:46","guid":{"rendered":"http:\/\/www.performancesuretybonds.com\/blog\/?p=351"},"modified":"2022-01-24T16:04:28","modified_gmt":"2022-01-24T16:04:28","slug":"everything-need-know-private-school-surety-bonds","status":"publish","type":"post","link":"https:\/\/www.performancesuretybonds.com\/blog\/everything-need-know-private-school-surety-bonds\/","title":{"rendered":"Everything You Need To Know About Private School Surety Bonds"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large wp-image-352\" src=\"https:\/\/www.performancesuretybonds.com\/blog\/wp-content\/uploads\/2017\/11\/private-school-surety-bond-1024x678.jpeg\" alt=\"private school surety bond\" width=\"840\" height=\"556\" srcset=\"https:\/\/www.performancesuretybonds.com\/blog\/wp-content\/uploads\/2017\/11\/private-school-surety-bond-1024x678.jpeg 1024w, https:\/\/www.performancesuretybonds.com\/blog\/wp-content\/uploads\/2017\/11\/private-school-surety-bond-300x199.jpeg 300w, https:\/\/www.performancesuretybonds.com\/blog\/wp-content\/uploads\/2017\/11\/private-school-surety-bond-768x509.jpeg 768w, https:\/\/www.performancesuretybonds.com\/blog\/wp-content\/uploads\/2017\/11\/private-school-surety-bond-1200x795.jpeg 1200w\" sizes=\"auto, (max-width: 709px) 85vw, (max-width: 909px) 67vw, (max-width: 1362px) 62vw, 840px\" \/><\/p>\n<p>If you\u2019re currently operating a private school or plan on opening one in the future it\u2019s essential that you understand what private school bonds are and how they impact your business.<!--more--><\/p>\n<h2>Private School Surety Bonds\u2014The Basics<\/h2>\n<p>When you run a private school, you\u2019ll be required to maintain an active <a href=\"https:\/\/www.performancesuretybonds.com\/surety-bond\/private-school-bond\/\">private school surety bond<\/a> in order to get licensed.<\/p>\n<p>A private school <a href=\"https:\/\/www.performancesuretybonds.com\/surety-bond\/what-is-a-surety-bond\/\">surety bond<\/a>\u00a0always contains three parties:<\/p>\n<ul>\n<li>The\u00a0<a href=\"https:\/\/www.performancesuretybonds.com\/surety-bond\/terminology-glossary\/principal\/\"><strong>principal<\/strong><\/a>\u00a0who is the\u00a0private school purchasing the bond<\/li>\n<li>The\u00a0<a href=\"https:\/\/www.performancesuretybonds.com\/surety-bond\/terminology-glossary\/obligee\/\"><strong>obligee<\/strong><\/a>\u00a0who is the agency, business or individual who requires the bond<\/li>\n<li>The\u00a0<strong><a href=\"https:\/\/www.performancesuretybonds.com\/surety-bond\/terminology-glossary\/surety\/\">surety<\/a><\/strong>\u00a0who is the underwriter of the bond<\/li>\n<\/ul>\n<p>This <a href=\"https:\/\/www.performancesuretybonds.com\/surety-bond\/surety-bond-types\/\">type of surety bond<\/a> is required by the state as a guarantee that your school will provide the agreed-upon services that tuition covers. If you fail to deliver the services that were paid for, either because you\u2019re unable or unwilling, the parents of your students will be able to make a claim against the bond for the cost of the tuition.<\/p>\n<h2>Private School Bonds Are More Like Credit Than Insurance<\/h2>\n<p>One important thing to understand about private school bonds is that if a claim is made against the bond you will be liable for the money needed to pay the costs. Although the surety will make the payment initially, they\u2019re only actually providing a form of credit and you will need to repay all costs associated with the claim.<\/p>\n<h2>Understanding the Bond Requirements<\/h2>\n<p>The <a href=\"https:\/\/www.performancesuretybonds.com\/surety-bond\/cost-of-a-surety-bond\/\">bond amount<\/a> needed is based on the tuition fees charged by your school and the number of pupils you serve. This means that you\u2019ll need to calculate the amount of prepaid tuition fees your school has on hand over a set period of time. So why is the bond amount unique to the school and not a set figure? This is because the bond amount needs to be able to pay potential claims made for all current tuition payments should your school fail to provide the agreed-upon services. This number is unique to your school and may not be adequately covered by a fixed amount.<\/p>\n<h2>Securing A Private School Bond<\/h2>\n<p>Finding the right private school surety bond for your needs is a simple process when you use an experienced bonding company. To complete the application process you\u2019ll need to provide details about your school including the number of pupils and tuition amounts. You\u2019ll also need to submit supporting documentation detailing your credit history and business experience. This information is used to calculate your bond premium and underwrite the bond.<\/p>\n<p>If you&#8217;d like help finding an affordable bond to comply with your state\u2019s licensing requirements,\u00a0call our experienced team of bond agents today!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you\u2019re currently operating a private school or plan on opening one in the future it\u2019s essential that you understand what private school bonds are and how they impact your business.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[24,8],"class_list":["post-351","post","type-post","status-publish","format-standard","hentry","category-blog","tag-private-school-surety-bond","tag-surety-bonds"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Private School Surety Bonds: Everything You Need To Know<\/title>\n<meta name=\"description\" content=\"When you run a private school, you\u2019ll be required to maintain an active private school surety bond in order to get licensed. Read on to learn more.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.performancesuretybonds.com\/blog\/everything-need-know-private-school-surety-bonds\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Private School Surety Bonds: Everything You Need To Know\" \/>\n<meta property=\"og:description\" content=\"When you run a private school, you\u2019ll be required to maintain an active private school surety bond in order to get licensed. Read on to learn more.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.performancesuretybonds.com\/blog\/everything-need-know-private-school-surety-bonds\/\" \/>\n<meta property=\"og:site_name\" content=\"Surety Bond Blog | Discover Performance Bonds, Court Bonds &amp; More\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/vikingbondservice\" \/>\n<meta property=\"article:published_time\" content=\"2017-11-15T11:04:46+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-01-24T16:04:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.performancesuretybonds.com\/blog\/wp-content\/uploads\/2017\/11\/private-school-surety-bond-1024x678.jpeg\" \/>\n<meta name=\"author\" content=\"Viking Bond Service\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Surety_Bond_\" \/>\n<meta name=\"twitter:site\" content=\"@Surety_Bond_\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Viking Bond Service\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.performancesuretybonds.com\/blog\/everything-need-know-private-school-surety-bonds\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.performancesuretybonds.com\/blog\/everything-need-know-private-school-surety-bonds\/\"},\"author\":{\"name\":\"Viking Bond Service\",\"@id\":\"https:\/\/www.performancesuretybonds.com\/blog\/#\/schema\/person\/c539f0fcce9e0a0cb437086afd7c2ac2\"},\"headline\":\"Everything You Need To Know About Private School Surety Bonds\",\"datePublished\":\"2017-11-15T11:04:46+00:00\",\"dateModified\":\"2022-01-24T16:04:28+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.performancesuretybonds.com\/blog\/everything-need-know-private-school-surety-bonds\/\"},\"wordCount\":457,\"publisher\":{\"@id\":\"https:\/\/www.performancesuretybonds.com\/blog\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.performancesuretybonds.com\/blog\/everything-need-know-private-school-surety-bonds\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.performancesuretybonds.com\/blog\/wp-content\/uploads\/2017\/11\/private-school-surety-bond-1024x678.jpeg\",\"keywords\":[\"Private School Surety Bond\",\"Surety Bonds\"],\"articleSection\":[\"Blog\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.performancesuretybonds.com\/blog\/everything-need-know-private-school-surety-bonds\/\",\"url\":\"https:\/\/www.performancesuretybonds.com\/blog\/everything-need-know-private-school-surety-bonds\/\",\"name\":\"Private School Surety Bonds: Everything You Need To Know\",\"isPartOf\":{\"@id\":\"https:\/\/www.performancesuretybonds.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.performancesuretybonds.com\/blog\/everything-need-know-private-school-surety-bonds\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.performancesuretybonds.com\/blog\/everything-need-know-private-school-surety-bonds\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.performancesuretybonds.com\/blog\/wp-content\/uploads\/2017\/11\/private-school-surety-bond-1024x678.jpeg\",\"datePublished\":\"2017-11-15T11:04:46+00:00\",\"dateModified\":\"2022-01-24T16:04:28+00:00\",\"description\":\"When you run a private school, you\u2019ll be required to maintain an active private school surety bond in order to get licensed. 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