As one of the prerequisites for licensing by the Michigan Department of Licensing and Regulatory Affairs (LARA) , a barber college is required to furnish evidence of filing a $10,000 surety bond with the state.
AmeriPro Surety Bonds offers this bond as both a new and renewal surety bond.
Applicants for the $10,000 Michigan barber college bond will typically pay a premium that is between 1-5% of the bonds amount.
The factors which will go in to the price of your surety bond is information contained in a surety bond application, and your credit score.
This particular bond, because of its small amount, is fairly easy to qualify for purchase.
Once issued, you barber college bond is active for one year from the date of issuance; thereafter, the bond must be renewed.
Maintaining an active surety bond on file with LARA is required to maintain your licensing with the department.
The Surety Bond’s Purpose
While this surety bond is required of your barber college, its protection are for any of your barber school students.
Specifically, according to Section 339.110 of the state’s statutes, the Michigan barber college bond is for the protection of the contractual rights of any of your students.
The bond’s existence allows a student to file a claim against your surety bond for any breaches of their contractual rights.
Although the bond protects the rights of students, any claims paid against your bond are your financial liability. In the present instance, this means that you are legally liable to reimburse the surety for all costs involved in the settlement of any claim against your surety bond.
AmeriPro Surety Bonds is a surety bonds-only agency. Our company provides license and permit, contractor, court, and fiduciary surety bonds throughout Michigan.
We also provide surety bonds nationwide.
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