The Missouri Proprietary School Bond is required by the Coordinating Board for Higher Education for proprietary schools. Proprietary schools, are defined in the Revised Statutes, as any school which offers or maintains on either a profit or not-for-profit basis within the state of Missouri. A course or courses of instruction or study through classroom instruction or correspondence or which grants certificates or earned honorary degrees. The bond states that the bondholder shall conduct said business and each and every obligation of trust and service entered into a faithful and honest manner.
There are three steps you need to follow in order to begin process of getting an initial certificate of approval for proprietary schools. First is the application review. Applicants must submit an application in the EDvera system, then pay $200 application fee. When the application has been approved, the next step is to submit a security deposit. You can submit a surety bond as your security deposit. There is no set amount as it is calculated as 10% of the preceding year’s gross tuition income. The minimum amount is $5,000 and the maximum is $100,000. The final requirement is payment of $300 for the certification fee.
Complete our easy to navigate online application. Within one business day, one of our licensed agents will contact you with a no-obligation quote for your bond (the “premium”). Once any necessary paperwork is signed and the premium payment is processed, your surety bond will be shipped to you via USPS Priority Mail (overnight shipping options also available).
The surety bond experts at Surety Solutions Insurance Services, Inc. (Surety1) are here to help you get bonded quickly and reliably. We work with over a dozen “A” rated surety markets to ensure we find you the lowest rate for your bond. We are also licensed in all 50 states and maintain an A+ rating by the Better Business Bureau.