Michigan Private School | $10,000 Private School Surety Bond

Also known as: private school bond

Type of Bond

A private school bond refers to a type of financial instrument or surety bond that may be required by certain states or regulatory bodies for private educational institutions. The bond serves as a form of protection for students and parents, ensuring that the school will fulfill its financial obligations and provide the promised educational services. Private school bonds are typically required to safeguard against potential risks such as the closure of the school, financial mismanagement, or failure to meet contractual obligations. The bond acts as a guarantee that the school will use the funds as intended and provides a source of compensation for students or parents who suffer financial losses due to the school's actions or failures. The bond functions as a contract between three parties: the private school (principal), the state or regulatory authority (obligee), and the surety company (bond provider). If the school fails to meet its obligations or ceases operations, a claim can be made against the bond. The surety company will investigate the claim and, if valid, provide compensation up to the bond's coverage limit. The specific requirements for private school bonds, including the bond amount and coverage limit, vary depending on the state or regulatory body involved. These requirements may be influenced by factors such as the size of the school, the number of enrolled students, and the financial stability of the institution. It's important for private schools to understand and comply with the bonding requirements in their jurisdiction to ensure their legal and financial obligations are met. Private school bonds help provide confidence and protection to students, parents, and the educational community as a whole.


Program

The price you'll pay for your $10,000 Private School Bond is generally based on your personal credit score. Start a free online quote by just completing a simple app or by calling 888-518-8011. Our experts will walk you through a very simple process. Compare our quote as the very lowest price, and then you're good to go! It's that simple!

We provide all types of $10,000 Private School Bonds. Worldwide Insurance Specialists, Inc. has "in house" underwriting authority with the largest and best Surety (Insurance) companies in the world including, Great American, Liberty Mutual, Philadelphia, Travelers, and CNA Surety. All of these surety bond companies are A-rated under the AM Best credit rating system, and T-listed with the U.S. Department of Treasury. This guarantees that by getting bonded through us, you will be provided the backing of these highly trustworthy and reliable companies.


Application

The application process for a $10,000 Private School Bonds is easy! Many Bonds are INSTANT ISSUE! Easy Application, no underwriting, no credit check, no GIA required. Our NEW Desktop underwriting program provides you with a rapid approval process used to determine the degree of risk that you (the Principle) complete a project or obligation. Non-INSTANT ISSUE quotes can also get instantly approved. Submissions require very little information from you. Once you file and sign an indemnity agreement, we issue the Bond. It's that simple! We quote and issue Surety Bonds of every type and will help you through the entire process. These applications only require basic information about your business, bond type, and ownership structure. Once the application is complete, we submit to the insurance company (Surety) who will then issue your bond. Don't pay too much! Get your Bond Fast, and Easy with the best price! Click here to start the Private School Bond Application process.

The Michigan Private School Bond amount is currently set at  $10,000.

Obligee Information

An obligee is the entity that is requiring you to have the Private School bond.

For your convenience you can view a sample copy of the Michigan Private School Bond Form.

Obligee: Michigan Department Of Energy Labor & Economic Growth Bureau Of Commercial Services Licensing Division Cosmetologylicensing
Street: Po Box 30244
State: Michigan
Zip: 48808