Driving School Surety Bonds, also known as Driver Education Program Surety Bonds, are required by the Maryland Motor Vehicle Administration (MVA) for anyone who wishes to operate a driving school in the state. The purpose of this surety bond is to guarantee that the principal (driving school operator) complies with all regulations in Title 11 Subtitle 23 of the Code of Maryland Agency Regulations governing the operation of driver training schools, and protects the students and the state from financial harm if the principal does not adhere to the regulations. If a harmed party files a valid claim against the bond, the surety will pay out up to the penal sum of the bond to resolve the claim. The principal is then required to reimburse the surety for all monies paid out, including any attorney fees incurred.
Maryland Driving School Surety Bonds are required to be in the amount of $40,000 and have a term that must run concurrently with the licensing period. The surety can terminate the bond at any time by giving a 45-day written notice to the MVA and the principal.
Pacific Surety is proud to offer a variety of approvals regardless of credit with rates as low at $400 annually for qualifying applicants. The process typically takes just a few hours for a quote, and we have the ability to beat any competitors pricing. If you have any specific questions, feel free to contact our knowledgeable underwriting staff.