Private occupational school bond cost
Surety Bonds offers Colorado private occupational school bonds for different costs depending on underwriting criteria. The required bond amount is determined based on the maximum prepaid, unearned tuition and fees of the school designated for a specific period of time such as a semester, quarter or year.
To speed up the bonding process, have your current business financials and a personal financial statement ready when you speak with our experts as most surety underwriting companies require these credentials to produce this bond.
Why this bond
Colorado private occupational school bonds are put in place as a guarantee that principals (private occupational schools) don’t cause loss of any tuition, fees or damage to any student, enrollee, parent or guardian as a result of any act or practice that violates the terms of 12-59-106 of the Private Occupational Education Act of 1981. If the school ceases operation, the bond ensures that harmed parties will be reimbursed for unearned tuition and fees up to the full bond amount.
Private occupational school bond details
Colorado private occupational school surety bonds will remain continuous unless otherwise canceled. The surety can cancel the bond at any time by providing written notice to the Division of Private Occupational Schools, Colorado Department of Higher Education at least 60 days prior to the desired date of cancellation.
The release of liability will not discharge or otherwise affect a claim filed by a student, enrollee, parent or guardian for loss of tuition or any fees filed while the bond was in effect. When filling out the bond form, be sure to state the complete name and location of each school.
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