Nursing homes and other patient care facilities in Florida who handle or will handle patient trust funds are required to file a surety bond with the Florida Agency For Health Care Administration (AHCA). Patient trust bond amounts vary and are based on an amount equal to twice the average monthly balance in the patient trust fund during the prior year, or $5,000, whichever is greater. Florida Patient Trust Surety Bonds ensure the principal (care facility) handles patient funds in accordance with Section 400.162 of the Florida Statutes. These regulations include, but are not limited to, the following:
- Hold separately and in trust all patients’ funds deposited with the principal
- Keep complete and accurate records of all funds and other effects and property of its residents received by it for safekeeping.
- At least every 3 months, provide a complete and verified statement of all funds and other property to the resident and the guardian, trustee or conservator.
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. The principal must reimburse the surety for all amounts paid out.
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.
Surety Bond Name
Patient Trust Surety Bonds – Florida
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