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How much does a leased nursing home bond cost in Florida?
The Florida Agency for Health Care Administration requires leased nursing homes to post surety bonds in varying amounts prior to conducting business. The required bond amount must be equal to the three-month average of the last 12 months of total Medicaid payments. Applicants should verify their required bond amount and the term of the bond with the state prior to bonding.
Because the required amount and, therefore, the price of this bond can vary so much, our experts recommend request your free surety bond quote to find out exactly how much you’ll pay for your Florida surety bond.
Begin the bonding process by calling 1 (800) 308-4358 or submitting a bond request. Our experts can typically provide free, no-obligation bond quotes within one business day of submitting your application.
Why do I need this bond?
By posting a Florida leased nursing home bond, principals (leased nursing homes) pledge to abide by the provisions of Chapter 400 of the Florida Statutes, including faithfully and honestly performing all obligations and undertakings involved with providing Medicaid services.
If the principal fails to conduct business in accordance with these terms, the bond protects harmed parties from financial loss up to the full amount of the bond.
What’s the fine print?
Leased nursing home bonds in Florida can be issued for one- or three-year terms, with or without a set expiration date. The term of your bond will directly effect your bond premium.
The agency can terminate the bond by giving written notice of termination to the surety at least 60 days prior to the effective termination date.
The surety can cancel the bond by giving written notice to both the principal and the agency via certified or registered mail at least 60 days prior to the effective cancellation date.