State of Maine, Finance Authority - Blanket Bond - Private Business, Trade or Technical School
This bond is required for private business, trade, or technical schools in Maine that participate in student financial aid programs through the Finance Authority of Maine. The bond protects students and the state by guaranteeing the school will follow program rules and handle financial aid funds properly. If a school …
Overview
What it is.
This bond is required for private business, trade, or technical schools in Maine that participate in student financial aid programs through the Finance Authority of Maine. The bond protects students and the state by guaranteeing the school will follow program rules and handle financial aid funds properly. If a school …
Who usually needs it
Privately owned business, trade, or technical schools in Maine applying for licensure under Maine law (20-A M.R.S.A. §§ 9501-9508) must obtain this bond. The continuous blanket bond must equal the greater of 10% of the school's gross annual tuition revenue or a specified minimum amount, and ensures the school and its solicitors fully and faithfully perform …
Pricing & timing
What to expect.
Generic pricing
Fidelity bonds protect against employee dishonesty and theft. Typical Pricing:. • Standard coverage: Premiums commonly based on coverage amount and number of employees. • ERISA bonds: Matrix pricing based on plan assets — often starting around $100–$300 per year for smaller plans. • Employee dishonesty bonds: Rates vary by coverage level and employee count. ERISA fidelity bonds are required for employee benefit plan fiduciaries. Coverage must equal at least 10% of plan assets handled, up to…
Typical timeframe
Specialized application — typically 1–3 business days
Application
What to do next.
Tell us the bond name, state, and amount on your form.
Share business and applicant info so the team can quote it.
Sign and pay; we issue the bond and send you the documents.
Keep your effective date and renewal date on file with us.
Start the application.
You are on the exact bond page. The next step is to start the quick application.
StateMEBond amountVaries by license type or projectObligeeFinance Authority of MaineBond classFidelity BondCategoryOtherBondState of Maine, Finance Authority - Blanket Bond - Private Business, Trade or Technical SchoolPlain descriptionThis bond is required for private business, trade, or technical schools in Maine that participate in student financial aid programs through the Finance Authority of Maine. The bond protects students and the state by gua…Who needs this bondPrivately owned business, trade, or technical schools in Maine applying for licensure under Maine law (20-A M.R.S.A. §§ 9501-9508) must obtain this bond. The continuous blanket bond must equal the greater of 10% of the …
