The state of Kansas requires long-term care facilities that accept and manage patient trust funds to file a surety bond with the state. Residents of these types of facilities are vulnerable to improper use of trust fund finances, but this bond guarantees that the principal (care facility) protects and manages monies in their trusts ethically and in compliance with all regulations in Section 28-39-149 of the Kansas Statutes Annotated. If a harmed party files a valid claim against the bond, the surety will pay out 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.
The amount for this surety bond is based on an amount equal to or greater than all resident funds managed by the facility at any time during the preceding one year period, or the estimated maximum dollar amount of all such resident funds to be accepted and managed by the facility at any time during the next one year period – whichever is greater. The Kansas Department for Aging and Disability Services (DADS) is the regulatory body that handles licensing for care facilities, and it is recommended you contact the DADS for the bond amount you will need 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.
Surety Bond Name
Patient Trust Surety Bonds – Kansas
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