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How much does a Delaware occupational school bond cost?
The Delaware Department of Education requires private business and trade schools in the state to be bonded. Required bond amounts are determined by the institution’s gross revenue of tuition. Applicants should verify their required bond amount with the state prior to bonding.
The price you’ll pay for your surety bond is based not only on your required bond amount, but also on a review of your personal credit report. The best way to find out exactly how much you’ll pay for your bond is to request a free surety bond quote now!
Because this is a school-related surety bond, surety underwriting companies require certain information to produce the bond. Applicants should know the institution’s offered programs, cost of tuition, expected method of accepting tuition payments, and estimated number of students when they contact our team of surety specialists. Have current business financials and a personal financial statement handy to expedite the bonding process.
Private or trade schools in Delaware that receive tuition directly from its students will require a bond amount that varies between $100 and $100,000. This varied cost is dependent on the number of prepaid tuition students.
Call 1 (800) 308-4358 or submit a bond request to connect with our team of surety bond experts. We can typically provide you with your free bond quote within one business day of submitting your application.
Why do I need a Delaware business or trade school bond?
Delaware private business and trade school contract bonds ensure that principals (schools) observe the provisions of all contracts with students and all provisions of the laws of the state and the rules and regulations set by the Delaware Department of Education. Specifically, the bond protects students/tuition payers from financial loss if the school ceases to operate or cannot fulfill its contracted services for any reason.
If the school does not adhere to these terms, a claim can be filed against the bond. If the claim is found to be valid, the surety will compensate harmed parties for financial losses up to the full bond amount. The principal must then reimburse the surety for damages paid out.
How to become a licensed Delaware private business or trade school
The steps to licensing a Delaware private business or trade school include the following:
Complete the application for business, trade, technical, and correspondence schools, along with compiling the required documents. This application must be notarized. On the application form, schools must list their location, educational institution type, and certificate holder. The following documents and information must be attached to each application:
- copies of any current licensures of certifications awarded by a state, commonwealth, or board of education
- information about the administrators and school points of contact
- notarized statement of revenue
- disposition of student records if the school is located within the state of Delaware (this includes academic records, catalogues, change of grade forms, class lists, graduation lists, class schedules, and financial aid documents)
- a current school catalog
- a chart of the managerial organization
- all instructional staff information, including qualifications and courses taught
- a description of all programs and courses
- a list of major equipment made available
- a labeled drawing of the school’s physical facilities
- copies of advertisements made on behalf of the school
- a copy of the student application, as well as a copy of the enrollment agreement
- enrollment figures
- a copy of the school’s refund policies and complaint procedures
- a surety bond in the proper amount using the Delaware-provided surety bond form
- proof of corporate status, if applicable
- a copy of the fire marshal’s inspection form
- lease agreement or ownership deed
- character references
- $100 nonrefundable check or money order made payable to the State of Delaware, Department of Education
Submit the application and attached documentation to Dr. Patricia Keeton, Private Business and Trade Schools, Delaware Department of Education, 35 Commerce Way, Suite 1, Dover, DE 19904. If you have questions about this process, contact Dr. Keeton at [email protected] or (302) 857-3313.
The Department of Education Site Inspection will take a look at the campus to conduct an assessment once the application has been submitted.
Considerations for Delaware private school bonds
Occupational Delaware school bonds remain in full force, virtue, and effect until violated or canceled. The surety can cancel the bond at the end of any annual term by giving written notice of cancellation via certified mail (return receipt requested) to the Private Business and Trade School Department of the Delaware Department of Education in Dover, Delaware. Cancellation becomes effective 90 days after the department receives the notice. The Department requires a one-year renewal at the end of every full term, referred to as a quarter.