Massachusetts Driver Training School Bond
Learn about the importance of this surety bond and how to obtain one!
What is a Driver Training School Bond?
There are three types of programs that are conducted by different driver training schools in the Commonwealth of Massachusetts. These are as follows:
- Public School Driver Education Program
- Professional Driving School Program
- Driver Skills Development Program
Every driver training school that offers the aforementioned programs is mandated by the Massachusetts General Laws to apply for a license.
As part of the license requirement, each license applicant must submit a sufficient performance bond to the Massachusetts Registry of Motor Vehicles.
The purpose of the surety bond is to guarantee that the licensee will lawfully and faithfully perform its obligations. This includes conforming to the applicable state laws, rules, and regulations.
If the licensee defaults on its obligations, the person who has suffered damages will be financially compensated through a bond claim.
What is the Driver Training School Bond amount?
$10,000 – the bond amount for Driver Education Provider with one location
$25,000 – the bond amount for Driver Education Provider with up to three locations
$50,000 – the bond amount for Driver Education Provider with more than three locations
If you have an excellent credit score, you will be eligible to pay for a low bond premium!
Check out what you need to pay by getting your FREE SURETY BOND QUOTE HERE!
How can I get a Driver Training School Bond?
You can easily get this surety bond from us! We will guide you through the entire process. We’ll make sure that you will understand what you are getting into.
Here’s what to do to get bonded:
- You have to send an application to us. If you are ready to do that now, you may APPLY HERE!
- After we have received your application, we will ask you to submit the necessary information needed for the underwriting process. These are the following:
- Your financial capability
- Your business or job performance history
- Your credit score
An expert underwriter will carefully evaluate all three to attain the best credit decision possible. To avoid any delay, the information that you should submit should be organized and concise.
- Your surety bond will be issued and sent to you!
What are the surety bond conditions?
- The surety bond should be issued by a surety bond agent or company that is authorized to conduct business in the Commonwealth of Massachusetts by the Commissioner of Insurance of the Commonwealth of Massachusetts
- The Obligee of the bond should be the Massachusetts Registry of Motor Vehicles
- The licensed driver training school must obey the provisions of Chapter 90 of the Massachusetts General Laws as well as the rules and regulations of the Massachusetts Registry of Motor Vehicles
- If the licensed driver training school commits a violation, the aggrieved party will be eligible to file a claim against the bond