Information on Patient Trust Bonding
SuretyBonds.com is legally licensed to issue patient trust surety bonds in all 50 states.
When moving a loved one into a nursing home, family members want to be sure the chosen facility takes care of its patients in every way, including financially. To guarantee patient trust funds will be managed appropriately, state agencies frequently require that these facilities file a surety bond. Information on these specific bond types is hard to come by, so the experts at SuretyBonds.com developed this guide to explain how patient trust bonds work and how a facility can get one.
State Specific Costs
Patient trust bond costs and requirements vary greatly by state as the bond amounts and regulations surrounding each license are established on a state level. Select your state below for more information about patient trust bonds in your area or call 1 (800) 308-4358 to speak with a surety expert.
Pay a Low Rate for Your Patient Trust Bond
Because our surety specialists are brokers, we’re able to shop your bond around with multiple insurance underwriters to guarantee you get the lowest rate available for your bond. At SuretyBonds.com, we provide every applicant with a free, no-obligation price quote. In most cases, we guarantee to to have a quote back to you within one business day of your application. Qualified applicants can expect to pay a premium that’s calculated at just 1-5% of the bond amount, which means you could pay just $100 for a standard $10,000 bond.
Bad Credit? Don’t Worry!
At SuretyBonds.com, we believe that every client should be able to get the patient trust bond they need regardless of credit history. So, we developed an exclusive Bad Credit Surety Bond Program that can approve applicants with bad credit for the bonds they need. If you have credit issues, ask your account manager about our special premium financing option. Qualified applicants can break their premiums up into more manageable amounts they can pay off over time.
Get Your Bond Fast
At SuretyBonds.com, we make the surety bond process fast, easy and accurate. Your account manager will issue the bond as soon as your payment is processed. You’ll receive a copy of your bond immediately via email, and your original bond form will be sent in the mail via your preferred shipping option. If you’re in a rush, our overnight shipping option can help! What are you waiting for? Apply now to get started!
Learn More About Patient Trust Bonds
Each surety bond that’s issued acts as a legally binding guarantee that joins together three parties.
- The obligee is the government agency that requires the bond.
- The principal is the facility that purchases the bond to guarantee proper management of patient funds.
- The surety is the insurance underwriter that issues the bond.
The legal guarantee provided by the bond depends on the contractual terms outlined in your specific form. Generally speaking, these bonds require that nursing homes and other long-term care services manage patient funds appropriately. For example, the bond language might require the following of patient funds deposited with the facility:
- held separately and in trust
- administered on behalf of patients in the manner directed by the depositors
- accounted for truthfully and wholly to the patients, the depositors and the obligee when requested
- accounted for truthfully and wholly upon termination of each deposit
If the bonded agency fails to fulfill the bond’s terms, harmed parties can file a claim against the bond. The surety will investigate the claim; if the claim is validated, the surety will reimburse the harmed party. If a claim is paid out, the surety will seek reimbursement from the facility per the bond’s contractual agreement.