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Maine Technical School Blanket Bond

How much does a trade school blanket bond cost in Maine?

The State of Maine’s Department of Education requires private business, trade and technical schools to post blanket surety bonds in amounts equal to 10% of the school’s gross receipts from tuition in the 12 months prior to issuance or $20,000, whichever is greater. Applicants should verify their required bond amount with the department prior to bonding.

These bonds are subject to underwriting, so the price you’ll pay for your bond depends not only on your required amount of bond coverage but also on a review of your personal credit report. Because these bonds are school-related, most surety underwriting companies require current business financials and a personal financial statement during the underwriting process.

The best way to find out exactly how much you’ll pay for your Maine surety bond is to apply for your free bond quote now!

Bond Type Bond Amount Cost by Credit Score*
680 and up 679 - 600 599 or lower
Private Business, Trade or Technical School Blanket Bond Varies Starts at 1% 4-8% 10%+ Apply Now
*The bond premium rate quotes provided to you through this website are for pricing comparisons and quotation estimate purposes only. The bond rate quotes provided are based on general assumptions that may or may not be applicable to you and are subject to change at any time. These rate quotes do not constitute an offer of insurance, nor is any contract, agreement, or bond coverage implied, formed or bound by the provision of rate quotes. Bondability, final bond premium rate quotes and an offer of insurance, if any, will be determined by the insurance company providing your bond. You must contact us directly to obtain a quote for binding purposes.

Call 1 (800) 308-4358, or submit a bond request, to connect with a surety expert who will walk you through each step of our fast and easy bonding process.

Why do I need this bond?

Maine occupational school bonds are put in place to ensure that principals (school operators) and their solicitors faithfully perform their contracts and agreements with students. The bond protects students from financial loss that occurs as a result of the principal’s acts of fraud or misrepresentation, including the school’s failure to provide contracted services that have already been paid for by students.

Ready to get bonded? Apply for your free bond quote today!

What’s the fine print?

Maine technical school, trade school and/or private business schools bonds remain in full force until canceled by the principal or the surety. Cancellation becomes effective 60 days after the Commissioner of Education receives written notice of such cancellation.

Before coming to SuretyBonds.com, it’s important to have some information handy so that our experts can help you get the surety bond you need quickly, easily and accurately. Have the following information ready when requesting a quote:

  • What type of services the school offers
  • Number of estimated students
  • How tuition payments will be accepted
  • Cost of tuition

How to start an occupational school in Maine

Posting a technical school, trade school and/or private business school surety bond in Maine is simply the first step toward becoming a licensed occupational school in the state. The following documents must accompany a license application:

  • Proof that the school meets health and fire standards
  • Notarized financial statements
  • Evidence of accreditation
  • Copy of school’s calendar for a completed year
  • Copy of all advertisements, catalogs and contracts
  • List of all solicitors authorized by the school
  • Copy of the school’s refund policy

Take your first step toward becoming licensed by contacting one of our surety specialists today. You’ll receive your free bond quote in as little as one business day!

Ready to get started?

Get a FREE Trade School Blanket Bond Quote Today!

Additional Resources

State of Maine Department of Education Blanket Bond - Private Business, Trade or Technical School (Word Doc)

State of Maine Application Private Business, Trade and Technical School Certificate of License

Maine Department of Education Licensure Procedures

Maine Revised Statutes, Title 20-A, Part 4, Subpart 3, Chapter 323: Private Business, Trade and Technical Schools

Maine Revised Statutes Title 20-A: Education

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