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Florida Patient Trust Bond

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 experts recommend contacting us so that we can walk you through our fast and easy bonding process. Request your free bond quote now!

Bond Type Bond Amount Cost by Credit Score*
680 and up 679 - 600 599 or lower
Patient Trust Bond Varies Starts at 1% 4-8% 10%+ Apply Now
*The bond premium rate quotes provided to you through this website are for pricing comparisons and quotation estimate purposes only. The bond rate quotes provided are based on general assumptions that may or may not be applicable to you and are subject to change at any time. These rate quotes do not constitute an offer of insurance, nor is any contract, agreement, or bond coverage implied, formed or bound by the provision of rate quotes. Bondability, final bond premium rate quotes and an offer of insurance, if any, will be determined by the insurance company providing your bond. You must contact us directly to obtain a quote for binding purposes.

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 1 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
  • render 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.

Request your free bond quote now!

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.

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Agency for Health Care Administration

Florida Statutes Chapter 400 Nursing Homes and Related Health Care Facilities

Surety Bond form

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