Private school bond cost
New Jersey private school bond amounts vary and should be equal to 2.5% of the annual gross income or $10,000, whichever is greater. The premium an applicant pays for this bond is subject to underwriting and based on his or her credit report.
Most surety underwriting companies require current business financials and a personal financial statement to underwrite school-related surety bonds, so having these documents handy during the bonding process will help our experts help you faster.
Why this bond
New Jersey private vocational school bonds are issued to protect students from any financial loss resulting from a principal’s (private school’s) unethical or unlawful practices. This bond ensures that in the event that a school closes prematurely, students will be reimbursed for their tuition fees. This particular bond also makes certain that principals adhere to all of the rules stated in their student contracts.
Private school bond details
This bond is required by the Commissioner of the New Jersey Department of Labor and Workforce Development. An attendance verification is required before a bond can be executed. Bonds are issued on the condition that they can be canceled by the surety. The surety must send a written cancellation notice to the Commissioner 30 days prior to the cancellation date.
Become a private school
Applicants must mail all required information and documents to the New Jersey Department of Labor and Workforce Development or the New Jersey Department of Education. All documents must be submitted together and in the same order as the checklist. These documents include:
- An application for a new private school
- A notarized affidavit statement of assurances
- The $700 application fee for every school site
- A surety bond in the proper amount
- Documentation of an existing school account
- A copy of a certificate of incorporation or formation or a certificate of authority
- A copy of the school’s business registration certificate
- Fingerprint applications
Apply for your surety bond
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