What is a Wisconsin Driving School Surety Bond?
Operators of driver training schools in the state of Wisconsin are required to post a surety bond to legally conduct business in the state.
This Wisconsin Driving School Surety Bond guarantees that the principal (driver training school operator) operates their business in accordance with the rules, regulations an statutes set by the state of Wisconsin. This bond also provides reimbursement to students for instruction and/or services that were not provided, while also protecting the students and general public from unethical and fraudulent business practices. 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.
What is the fine print of the bond?
- The bond must be issued by a surety authorized to conduct business in the state of Wisconsin.
- Per provisions of Chapter Trans 105 of the Wisconsin Administrative Code, the principal and surety are firmly bound to the Wisconsin Department of Transportation for the benefit of any person aggrieved under said provisions.
- The principal has applied or has been granted approval to do business as a Driver School pursuant to Subchapter VI of Chapter 343 Wisconsin Statutes or and successor statures subsequently amended or created and pursuant rules and regulations.
- The bond is continuous in nature and in the event of renewal for one or more annual periods, the liability of the surety shall not be cumulative.
- The bond can be terminated by the surety at any time by giving thirty (30) day written notice to the Wisconsin Department of Transportation.
What is the bond amount and how much will it cost?
The bond amount varies and is based on the school size and the number of driver school points the school has been issued in the past 24 months. The amount will be provided to you by the Wisconsin Department of Transportation, per their calculations during the licensing process.
Pacific Surety is proud to offer a variety of approvals regardless of credit, with rates as low as 1% of the total bond amount annually for well qualified 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.
- Wisconsin Department of Transportation
- Driver School Bond MV3764
- Subchapter VI of Chapter 343 Wisconsin Statutes
- Chapter Trans 105 Wisconsin Administrative Code
Surety Bond Name
Driving School Surety Bonds – Wisconsin
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