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How much does a private school bond cost in Alabama?
The Alabama Department of Postsecondary Education requires non-degree-granting private schools to post $20,000 surety bonds. Degree-granting schools must post $50,000 bonds.
Current business financials and a personal financial statement are required to underwrite these bonds. Having these documents handy when you contact SuretyBonds.com will help to expedite the bonding process and help you qualify for the lowest available premium rate.
The price you’ll pay for your Alabama private school bond depends on your required bond amount, your personal credit report, and your financial credentials. Request your free bond quote now!
Why do I need this bond?
Alabama private school bonds are put in place to ensure that students don’t suffer financial loss if the school ceases to operate for any reason. Specifically, these bonds guarantee that principals (private schools) conduct operations in accordance with Sections 16-46-1 through 10 of the Alabama Code.
If the school fails to conduct ethical and lawful business, the bond protects students from financial loss up to the full penal sum of the bond ($20,000 for non-degree-granting schools and $50,000 for degree-granting schools). The principal must reimburse the surety for all sums paid out.
The best way to find out exactly how much you’ll pay for your Alabama private school surety bond is to request your free bond quote now!
What’s the fine print?
Private school bonds in Alabama remain in full force and effect until canceled. The surety can cancel the bond by giving written notice of cancellation to the Department of Postsecondary Education. Notice must be received at least 30 days prior to the effective cancellation date.
Applicants should mail completed applications to the Department of Postsecondary Education in Montgomery, Alabama.