Long-term care facilities and other caregivers in the State of Arkansas who handle patient trust monies must submit and maintain a Patient Trust surety bond. This surety bond guarantees the principal (care facility) protects and manages monies in the trust ethically and in the manner directed by the law. It also requires the principal to separately hold all patient funds deposited, and to provide a true and complete accounting of the funds when requested. If the facility fails to fulfill the bond’s terms, a claim can be filed against the bond by the harmed party. If the claim is validated, the surety will reimburse the harmed party up to the penal sum of the bond. Any monies paid out by the surety must be reimbursed by the principal. Patient trust bond amounts vary, and it is recommended you contact the Arkansas Department of Human Services – Division of Medical Services – Office of Long Term Care for specific bond amounts prior to bonding.
Pacific Surety offers industry low rates and can obtain approvals for almost all credit situations. Once our simple application has been completed, we can have pricing to you within hours. If you have any specific questions, please contact our knowledgeable underwriting staff.