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Private School Surety Bond

What is a Private School Surety Bond?

A Private School Bond is a type of license and permit surety bond. The bond is required of some organizations intent on operating a private school and collecting tuition. The bond is required at the state government level. Private school surety bonds are put in place by governing bodies in the best interests of students who attend private school in a given jurisdiction.

Private school bond amounts vary. The bond amount may be determined by the number of locations and by estimates of the total prepaid, unearned tuition and fees held by the school for a set period of time. The state agency will either dictate the required bond amount or provide a way to calculate the correct amount.

Private school bonds are required to provide a form of protection for the student's prepaid, unearned tuition and fees. The bond provides a form a guarantee that the school will provide the agreed upon services in exchange for the tuition paid. The bond provides a path or recourse for those who have incurred a loss due to the school's breach of contract and inability or unwillingness to provide the agreed upon services.

Who Benefits from a Private School Surety Bond?

Both private school businesses and the public benefit from private school bonds. For private schools, these bonds are required in order to operate legally in the state. These bonds are an important part of the private school licensing process. The public benefits through the protections that are provided to students, and state governing bodies can rest assured that their citizens are protected.

How Much do Private School Bonds Cost?

There is no set amount for private school bond costs nationwide, as the requirements differ from state to state. Bond premiums are calculated based on a number of factors, including the credit score and bonding history of the applicant. Private schools pay their premium as a percentage of the total bond amount (generally between 1% and 3%), so they are not required to post the entire bond amount. Viking Bond Service, Inc. is committed to providing private schools with the surety bond coverage they need, at the lowest price.

Receiving Your Private School Surety Bond

Viking bond Serviec can typically quote a private school bond the same day or within 24 hours of receiving the surety bond application and any accompanying documentation. The turnaround on these bonds is usually fast. A Viking agent will let you know exactly what may be needed to get the best quote.

At Viking Bond Service, Inc., we pride ourselves in providing superior bond solutions for private schools around the country. With over 30 years of experience in the industry, our Surety Bond Experts can assist you in determining your bond requirements and get you the bonds you need. To get your private school bond needs met, give us a call at 1-888-278-7389 or request a quote online today.

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