Colorado Private Occupational School Bond |
AmeriPro Surety Bonds | 844-589-9732
Private Occupational Schools – Colorado
The Colorado Department of Higher Education regulates the licensing and conduct of private occupational schools in the state.
There are two categories of surety bonds required:
- One, for out of state occupational schools;
- Another, for instate occupational schools.
Our agency offers the surety bond for both categories in the amount you need.
Amount of Surety Bond Required and Qualifying:
Surety Bond Amounts Up to $50,000
For schools not domiciled in the state, the Colorado private occupational school bond is a $50,000 surety bond.
Qualifying for the out of state occupational bond is very easy. After completion of an application, and payment of the premium of $500, the bond is issued to you immediately. There is no credit inquiry involved for this surety bond.
Private occupational schools which are domiciled in Colorado, have a bond amount which is determined in the following manner:
The amount of surety bond required is equal to the highest amount of prepaid, unearned tuition and fees held in the current 12 month reporting period. You must also submit documentation to the Department of Higher Education (not to our agency) calculating how you determined the amount of surety bond required.
For amounts up to $50,000, issuance of the instate private occupational school bond is treated as we do the out of state schools discussed above.
Amounts Greater than $50,000 up to $100,000
If you meet all of the following prerequisites, our agency may be able to process your Colorado private occupational school bond without standard underwriting. If you do not, we will just proceed with standard underwriting, and you will still be eligible for great pricing.
The conditions are:
- That you have never been convicted of a felony;
- No companies connected with you have ever become bankrupt or insolvent;
- You have never had a surety bond declined, canceled, or one on which a claim has been made;
- You have no unsatisfied judgments against you individually and your company;
- Your surety bond does not cover environmental exposure or pollution;
- You have been in business for at least 3 years, under the same business name and ownership.
Amounts Greater Than $100,000
For amounts greater than $100,000, the private occupational school bond will undergo a standard underwriting procedure. In some cases, a request for a financial statement may be asked as part of the underwriting process.
Surety Bond Term
Once issued, your bond is active for one year from the date of issuance. The private occupational school bond renews annually. An original copy of the bond must always be on file with the Department of Higher Education.
The Purpose Behind the Surety Bond Requirement
While required of your school, the purpose of this surety bond is for the benefit of any students who due to the failure of licensed occupational school suffers loss of tuition, fees, or suffers other damages.
The surety bond ensures your compliance with the The Private Occupational Education Act of 1981, and any amendments or addition to this law.
AmeriPro Surety Bonds is a surety bonds-only agency which provides license and permit, court, and fiduciary surety bonds throughout Colorado.
Our agency also provides surety bonds nationwide.
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