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How much does a private school surety bond cost in Illinois?
The amount of bonding coverage you’ll need for your school is calculated as the highest amount of prepaid tuition collected during a standard term. The bond amount must be large enough to fully repay the cost of tuition at the school if the school should close.
Because this bond functions as a financial guarantee, determining the bond premium requires underwriting consideration, which includes a review of the applicant’s credit report. Because these bond amounts and costs are determined on a case-by-case basis, the best way to find out how much you’ll pay for your surety bond is to contact a surety specialist by phone at 1 (800) 308-4358 or via our online bond request form.
If you’re ready to get bonded, call SuretyBonds.com at 1 (800) 308-4358 or contact a surety professional online.
Why do I need this bond?
The Illinois Private Business and Vocational School Act of 2012 requires that all private business and vocational schools post a surety bond.
According to the act, the bond is put in place for the protection of contractual rights, including faithful performance of all contracts and agreements for students and their parents, guardians, or sponsors. If the school closes or is otherwise unable to fulfill its obligations to its students, the bond ensures that all tuition is repaid to students who have already paid tuition.
Ready to get bonded? Contact us now to get your free, no-obligation surety bond quote!
What’s the fine print?
Illinois business school bonds are continuous until canceled. If the bond is to be canceled, the surety must give the obligee at least 90 days’ notice. To ensure the bond remains in full force and effect upon renewal, proof of continuation must be filed with the board annually.
How to become a private vocational school in Illinois
The Private Business and Vocational School Act requires all private business and vocational schools to meet certain criteria to maintain approval with the Board of Education. This list includes, but is not limited to:
- posting and maintaining a surety bond
- providing a written policy for addressing student complaints
- providing the website, address, and phone number of the Board to all students
- providing evidence of liability insurance
- paying all required fees
- maintaining a fair and equitable refund policy
If you’re ready to take the next step to get your school licensed with the state of Illinois, contact us now to start the bonding process.