Oregon Pre-licensure Training Provider Bond - $10,000
Pre-licensing training allows individuals to be prepared and equipped with skills needed to get a license for a specific field. Most professions need licenses first to enable an individual to operate, some of which may be provided by their employers or outsourced from a third party provider.
The employers are then required to abide by the rules of their pre-licensure training contract with students. In the case wherein the Principal (the business who will provide the training) will fail to comply with the Oregon statues regarding the training, the person who may suffer from loss or damage from it may file for the Surety Company for the recovery of the damages to the person.
What is the Oregon Pre-licensure Training Provider Bond?
The Oregon Pre-licensure Training Provider bond is the state’s version of the bond to fund a company’s failure to provide training for its students. The bond’s company, aside from paying the sum required in the case of the former, will also be the one check the claims from the public to see if it is valid. The business owners will still be responsible for the financial loss that the surety company will face. They are required to reimburse the surety company for the payments made.
For more information about providing trainings to professionals, please visit Oregon CCB Training.
Why do you need the Oregon Pre-licensure Training Provider Bond?
Obtaining the State’s Pre-licensing Training Provider Bond is legally required. To be able to operate, businesses are required to pay $10,000 to the State of Oregon Construction Contractors Board (CCB). In case the business fails to abide by the grounds of their contract with another party, they are ensured of a compensation by the company they choose to secure a bond with. Aside from this, the following are also guaranteed:
- Clients will trust a company more
- The financial credibility of a company is raised
- Companies will not instantly face the brunt of a failure to supply training to pre-licensure training student.
How does the bond work?
The parties in the agreement are the Principal (business or permittee), Obligee (State of Oregon), and Surety/Bond Company or Obligor (surety bond provider). The bond must be filed with the Oregon Construction Contractor’s Board (CCB) and must be issued by a surety bond provider certified by the state’s Insurance Department.
How much does it cost?
The cost of the Oregon Pre-licensing Training Provider Bond will depend on the employer’s credit score, industry experience, business history, and the surety provider’s background. The bond itself is normally between $150 and $500 and are typically charged as such:
| Credit | Premium Rate | Bond Cost |
|---|---|---|
| Best | 1.50% | 150 |
| 2.00% | 200 | |
| 2.50% | 250 | |
| 4.00% | 400 | |
| Worst | 5.00% | 500 |
How can I secure the Oregon Pre-licensure Training Provider Bond?
Transact with a reputable surety company today and secure your Oregon Pre-licensure Training Provider Bond the fast and easy way. If you have more questions or are in need of more information, get in touch with us today.
Make sure you have gathered and provided accurate information on the following for the speedy processing of your application:
- Nature of your business
- Credit Score
- Financial strength
Rest assured our expert surety bond agent will guide you from the time of your application until the issuance of your bond. Once the assessment is done, we will promptly issue your bond and send it your way!