Florida Nonpublic Post-secondary Educational Institution Bond

The Florida Department of Education requires the Florida Nonpublic Post-secondary Educational Institution Bond

The Florida Department of Education has a commission called the Commission for Independent Education, which is the party within the Department of Education that requires this bond. The Commission for Independent Education will require a varying bond amount for the Florida Nonpublic Post-secondary Educational Institution Bond per applicant depending on the size of the student body.

What is the Florida Nonpublic Post-secondary Educational Institution Bond?

Surety bonds are a three party agreement between an obligee, bond principal and the surety company. The obligee of the bond is the person or entity who requires the bond, in this case the Commission for Independent Education. The bond principal is the person or entity who buys the bond. This will be you or the nonpublic post-secondary educational institution you represent.  The surety company is essentially a professional co-signer. Surety companies show the obligee that the bond principal will act lawfully and responsibly. If they don’t act lawfully or responsibly and a claim is filed on the bond, the surety company pays out the claim and then the bond principal must pay them back. Therefore, if the nonpublic post-secondary educational institution doesn’t operate responsibly, they can be held financially responsible.