Licensed New Jersey driving schools are regulated by the state’s Motor Vehicle Commission and are required to furnish the commission with a surety bond in addition to other requirements (i.e. a worker’s compensation policy).
AmeriPro Surety Bonds provides this bond for your compliance as both a new and renewal surety bond.
A $10,000 surety bond is required of New Jersey driving schools as a condition of licensing.
Once issued this surety bond will expire on December 31st of the year in which the bond is issued.
For bonds which are purchased very late in the calendar year, the expiration date of the bond may be December 31st of the following calendar year.
The $10,000 New Jersey driving school bond is typically a low cost surety bond.
An applicant will have premium which will be determined by an application, and possibly, a credit check.
As a very broad general rule, an applicant will like pay under $150 annually for this bond; however, adverse information provided by means of the surety bond application and a credit check may cause the bond’s price to be higher.
The purpose of this surety bond is to serve as a financial guarantee that a licensed driving school will be and remain in compliance with all applicable laws and regulations.
While the surety bond is required of your driving school company, its benefit is for the state of New Jersey, specifically the Motor Vehicle Commission.
As owner of this surety bond, you shoulder the financial responsibility for reimbursing the surety for any fees and costs should a claim be paid against your surety bond.
AmeriPro Surety Bonds is a surety bonds-only agency which provides license and permit, court, contractor, and fiduciary bonds throughout New Jersey.
Our agency also provides surety bonds nationwide.
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