Patient Trust Fund Bond

Bond Penalty: Set by state statute

A patient trust fund surety bond, also called a nursing home bond is currently required by no less than twenty states for the licensing of a nursing home, home for the elderly or other care institution that handles property or money belonging to residents and wards. While the surety bond is ostensibly a compliance obligation, the language of most bond forms include some very specific administrative and fiduciary guarantees, included but not limited to:

  • To retain separately and in trust all patients’ funds deposited with the licensee.
  • To administer patient or resident funds on behalf of those parties.
  • Prepare accurate accounting of the funds belonging to patients and depositors.
  • Deliver a final accounting of all funds received and disbursed upon termination of each patient or resident account.

The surety bond forms are similar however each contains language which bonds the licensee's conduct and faithful performance of the statutory duties imposed by the specific state. Patient trust fund bonds are available for the following:


Alabama

Arizona

Arkansas

California

Colorado

Connecticut

Florida

Indiana

Louisiana

Maine

Maryland

Massachusetts

Michigan

Mississippi

North Carolina

Ohio

Oregon

Pennsylvania

Texas

Surety bonds generally guarantee "license compliance". Patient trust bonds offer some protection for the embezzlement or misfeasance of facility managers however broader coverage for dishonesty is offered by third party fidelity bonds. Learn about an In-Home Care Fidelity Bond.

National surety bond leader, Surety One, Inc. provides patient trust fund bonds nationwide, in Puerto Rico, U.S. Virgin Islands and Canada. Applications are clear, simple and quotes offered within hours. Call (800) 373-2804, email Underwriting@SuretyOne.com or click here to discuss your patient trust fund bond or other surety bond need.

Surety bond application review and quoting are free of charge. There is no obligation to purchase.