What is the Nebraska Private Post-Secondary Institution Bond?
The Nebraska Private Post-Secondary Institution Bond is a requirement of the Nebraska Department of Education to private post-secondary institutions operating within the state.
The bond is a guarantee assuring that the bond holder will not engage in any activity, make any decisions, or perform acts that could lead to financial loss, turpitude, damage to another person’s name, integrity, and physical harm.
This bond likewise assures its clients that the institution will not hire incapable instructors, tolerate sexual harassment, disregard any misconduct, put up with verbal abuse against students and employees, and ignore threats to students’ and employees’ life. Further, the bond explicitly guarantees that the bond holder will adequately comply with all its licensure requirements.
Why do you need the Nebraska Private Post-Secondary Institution Bond?
You need the Nebraska Private Post-Secondary Institution Bond because you care about your school and what it stands for. You also want to protect its investments. The bond can boost the school’s integrity and allows you to be recognized as a trustworthy academic establishment owner. It can also make the institution appealing not just to students and other types of users but also to investors and potential stockholders. They will naturally want to associate themselves with someone they see as reliable. The bond further provides you the image of authority and competence making you stand out in the competition.
More details about the Nebraska Private Post-Secondary Institution Bond
This bond can be revoked with 30 days’ notice to the Department of Education. The school should be covered for the duration of operation, or until the Nebraska Tuition Recovery Cash Fund reaches $250,000, at which time the Department may not require surety bonds.
Application for this bond needs to be accompanied by the following official papers before an institution can be truly be considered a lawfully bonded enterprise – 1) financial accounts, 2) matriculation contract, 3) course prospectus, 4) authorization and/or endorsement, 5) board members’ and employees’ employment record, and 6) fire assessment certification.
What is the cost of a Nebraska Private Post-Secondary Institution Bond?
The bond is for $20,000. The amount an institution pays for the bond will be based on an appraisal of the institution owner’s credit report.
How do I get a Nebraska Private Post-Secondary Institution Bond?
Obtaining the Nebraska Private Post-Secondary Institution Bond is an easy process. Just carefully choose the services of a genuine surety professional and give them a call ASAP! With a legitimate surety agency, you will have speedy responses to your needs and cost-effective solutions to whatever concerns you have in protecting your business.