Idaho proprietary and postsecondary schools which must register annually with the state’s Board of Education, are also required to furnish a surety bond as a prerequisite for licensing.
No preset amount of surety is established. Instead, the Board will inform each school of the amount required.
For any amount up to and including $50,000 surety bond, you are automatically approved for the Idaho proprietary school bond. The reason for this is that we offer you this surety bond with no underwriting nor credit score review.
After completion of an application, one which we’ll take from you verbally and which takes about 4 minutes, we’ll issue the bond to you immediately after payment of the premium of 1% of the amount required ($100 minimum).
For a proprietary school bond greater than $50,000, a credit review inquiry will be required. Good credit will be required for approval and the premium will be 1% of the amount required.
In either instance, once the bond is issued we have it sent to you for filing with the Board. Along with your surety bond will be a Power of Attorney (POA) form. You’ll sign your bond as Principal and file it and the POA to the Board.
The Idaho proprietary school bond is issued with a term of one year. Thereafter your surety bond must be renewed.
Presumably, you may or may not require a different surety bond amount at renewal. For those who will not, we also offer you the ability to prepay your bond for up to 3 years. Prepayment of the premium offers you a savings over renewing annually.
As an example, a $50,000 surety bond prepaid for 2 years will have a $900 premium, which is a $100 savings. The same bond prepaid for 3 years will have a $1300 premium, a savings of $200.
Other surety bond amounts would be treated similarly.
While required as a condition of operating a non-degree granting school, the bond’s purpose is for the benefit of your students.
According to Section 33-2406 of the Idaho State Legislature, the purpose of your surety bond is for any students who suffer loss as a result of:
AmeriPro Surety Bonds provides proprietary school surety bonds wherever in the country this is required.
We also provide other license and permit surety bonds in all 50 states.
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