Alaska Educational Institution Bond
AmeriPro Surety Bonds | 844-589-9732
Surety Bond Purpose and Amount
Educational institutions operating in Alaska must undergo a bevy of requirements as a condition for licensing.
Among these is obtaining a surety bond. The purpose of the surety bond requirement is that you will pay any student, enrollees, or their parents/guardians for loss which occurs to them for violation of Alaska Statutes 14.48, as amended.
There is no preset amount for the surety bond required.
Determining the amount of surety bond required is done by the following:
- It is the largest amount of tuition revenue received for the longest school term or period for the prior calendar year;
- OR, if you anticipate that the tuition for the upcoming school term or period will be even larger, then the bond is for that anticipated amount;
- HOWEVER, if the Commission judges that your school is “unsound”, then you may be required to obtain an even larger surety bond amount.
Qualifying and the Premium
For any surety bond requirement for your Alaska educational institutional bond up to and including $50,000, our agency approves you immediately without the delay involved with a credit check inquiry. Your approval rate will be 1% of the amount required (with a minimum $100).
Amounts greater than $50,000, require a completed application, which must be signed by you and witnessed (it does not need to be notarized, however.)
Additionally, for these larger amounts, an underwriter review and a credit check inquiry are required. Depending on the amount of the surety bond, you may also wish to provide a recent financial statement; however, this will be determined on a case-by-case basis.
Approval is based on good credit; and the premium is 1% annually of the amount required.
Once your surety bond is approved and the premium paid, our agency issues your bond and the Power of Attorney form for filing.
Upon receipt of all documents, you’ll sign your surety bond as Principal, filing it along with the POA form to:
Alaska Commission on Postsecondary Education
P.O. Box 110505
Juneau, Alaska 99811-0505
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit, court, probate, and other surety bonds in all 50 states.
Please call our agency today at:
Or, you may fill out the form below and a Surety Agent will contact you…