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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 …

Bond amountVaries by license type or project
State or jurisdictionMaine
ObligeeFinance Authority of Maine

Essential point: Pin down whether this is your bond, then start the application. Ava can confirm the right state and license type if you are not sure.

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2323 yearsHelping clients and agents
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 $500,000 (or $1,000,000 for plans holding employer securities). Specialized application required.

Your quote determines the actual premium.

Typical timeframe

Specialized application — typically 1–3 business days

Timing can change when underwriting needs more information.
Application details

How it works.

  1. Start the application

    Confirm the bond and provide applicant and business details.

  2. Review the quote

    See the terms and premium before deciding to continue.

  3. Pay and sign

    Complete the required payment and signatures.

  4. Receive the bond

    Get the issued bond and filing or delivery instructions.

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Next step

Ready to move forward?

Start the secure application with this bond already selected, or ask Ava a question before you begin.

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