Postsecondary education institutions bond cost
The cost of a postsecondary educational institutions surety bond depends directly on the type of institution the applicant operates combined with the strength of their financial credentials. Because this surety bond is school-related, most surety underwriting companies require additional financial credentials to underwrite it. Having your current business financials and a personal financial statement handy when you speak with a surety specialist will help speed up the bonding process.
In-state post secondary educational institutions must post a $10,000 bond, while out-of-state establishments must post a $20,000 bond.Give us a call at 888.610.4474 or submit a bond request to begin our fast and easy bonding process.
Why this bond
Tennessee post secondary educational institutions bonds provide compensation for any enroll, student, parent or guardian who has suffered financial loss as a result of a principal (post secondary educational institution) conducting dishonest business. These violations include, but are not limited to:
- having an unfair cancellation or refund policy
- not maintaining student housing
- not keeping adequate records of students’ grades, attendance, performance and progress
Post secondary education institutions bond details
Tennessee post secondary educational institutions bonds are required by the Tennessee Higher Education Commission. The signature of whoever signs the bond on behalf of the school must be notarized. This bond is continuous until canceled. The surety company must provide written notice of the bond’s cancellation to the Commission at least 60 days in advance.
Start a post secondary educational institution
Applicants planning to open a post secondary educational institution must submit a complete application. For the full list of licensing requirements, navigate to the “Important Links” section. A few of the many requirements you should expect to provide include:
- a copy of the institution’s state charter
- the address and general description of facilities
- a list of instructional equipment for each program,
- qualifications for instructional staff/supervisors, among many other requirements
Apply for your surety bond
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