Who needs a Community Care Licensing Surety Bond?
Individuals and companies who are required to furnish a Community Care Licensing surety bond include adult residential programs, social rehabilitation facilities, foster care homes, foster family agencies, group homes, small family homes, residential care facilities for persons suffering chronic life-threatening illnesses and residential care facilities for the elderly. More specifically, Community Care Licensing Surety Bonds apply to organizations which not only provide long-term care, but also handle the funds of their clients.
What is the purpose of a Community Care Licensing Surety Bond?
These surety bonds guarantee that the finances of clients are handled responsibly and faithfully by the community care facility, in accordance with all applicable laws and regulations. They also guarantee that all scheduled payments and transfers to outside recipients are completed in a timely and satisfactory manner. If the principal (community care facility) does not comply with the terms of the bond, a claim can be filed with the surety company for relief. If the claim is valid, the surety will pay up to the penal sum of the bond to resolve the claim. The principal is then required to reimburse the surety for all monies paid out, including any attorney fees incurred by the surety in the defense of the claim.
Which states require Community Care Licensing Surety Bonds?
Pacific Surety proudly offers Community Care Licensing Surety Bonds in the following states:
Please contact your local authority for more information about Community Care Licensing Surety Bond requirements in your state.
What is the bond amount for Community Care Licensing Surety Bonds?
Amounts for Community Care Licensing Surety Bonds are established at the state level, and are set by the laws and statutes regulating the industry in a given state. Therefore, bond amounts and requirements will fluctuate from state to state. Please contact us with specific questions, and our knowledgeable underwriting staff will assist you.
How much does a Community Care Licensing Surety Bond cost?
Pricing for Community Care Licensing Surety Bonds varies by state. An underwriter will review your application, and your premium will be based on the following factors:
- The state requiring the bond
- Amount of the bond
- Term length of the bond
- Personal credit for all owners with at least a 10% ownership stake in the business
Individuals with good credit can expect to pay 1%-5% of the bond amount. Qualified applicants could pay as little as $500 annually for a $50,000 Community Care Licensing Surety Bond. To find out how much your bond is going to cost, please complete our online application for your free, no obligation price quote.
Can I get a Community Care Licensing Surety Bond with bad credit?
Pacific Surety offers a wide-range of approvals, regardless of credit, for Community Care Licensing Surety Bonds. With our strong surety relationships, we have the ability to approve 99% of applicants, regardless of how bad their credit is. Our knowledgeable underwriting staff will work with you to ensure you receive the lowest possible pricing for your bond. Applicants with substandard credit can expect to pay 5%-10% of the bond amount in premium. To see what rate you will qualify for, please complete our online application for your free, no obligation price quote.
How do I purchase a Community Care Licensing Surety Bond?
The first step is to complete our quick online application for your free, no obligation bond quote. Submission takes only five minutes, and our underwriting staff will be in contact with you within a couple of hours with pricing. If you prefer to speak with our knowledgeable staff, please call 1-866-722-7873 and one of our Underwriters will assist you in applying for your bond.
After you receive approval, you must sign an indemnity agreement with the surety and provide payment for your bond premium. In most cases, we can issue bonds the same day we receive your signed documents and payment.