Individuals who wish to operate a driver training school in the state of Nevada are required to submit a surety bond to the Nevada Department of Motor Vehicles (DMV) as part of their licensing requirements. The purpose of this surety bond is to guarantee that the principal (driving school operator) complies with all regulations in Chapter 483 of the Nevada Revised Statutes governing the operation of driver training schools, and protects the students and DMV from fraud and unethical business practices by the principal. 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.
Nevada Driving School Surety Bonds are required to be in the amount of $10,000, and the DMV may reduce the amount of the bond required to an amount no less than $5,000 if the operator has satisfactorily conducted the school for the 5 years immediately preceding the application for reduction. This surety bond has a continuous term and the surety can terminate the bond at any time by giving a 30 day written notice to the DMV and the principal.
Pacific Surety is proud to offer a variety of approvals regardless of credit with rates as low at $100 annually and discounted two-year pricing at $175 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.
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Driving School Surety Bonds – Nevada
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