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How much does a patient trust bond cost in Florida?
The Florida Agency for Health Care Administration requires nursing homes and other patient care facilities to post patient trust surety bonds prior to operating. The bond must be in an amount equal to twice the average monthly balance in the patient trust fund during the prior year or $5,000, whichever is greater.
Because the required amount and price of these bonds can vary so much, our professionals recommend contacting us so we can walk you through our fast and easy bonding process. Request your free bond quote now!
Begin the bonding process by calling 1 (800) 308-4358 or submitting a bond request. Our surety specialists can typically provide free, no-obligation bond quotes within one business day of submitting your application.
Why do I need this bond?
Florida patient trust bonds are in put in place to ensure that principals (nursing homes) do the following:
- Hold separately and in trust all patients’ funds deposited with the principal
- Administer funds on behalf of said patients in the manner directed by Section 400.162 of the Florida Statutes
- Tender true and complete accounts to the patients, the depositors, and the state when requested
- Account for all funds received, expended, and held upon termination of each deposit
If a principal fails to comply with the letter of the law and the surety bond contract, the bond protects harmed parties from resulting financial loss and damages up to the full penal sum of the bond. The principal must reimburse the surety for all amounts paid out.
What’s the fine print?
Patient trust bonds in Florida remain in full force and effect. The surety can cancel the bond by giving written notice of cancellation the agency at least 30 days prior to the effective cancellation date.