Missouri Patient Trust Surety Bonds, also known as a Nursing Home Bonds, are required by the Missouri Department of Health and Senior Services (DHSS) for long-term care facilities that accept and manage the funds of some or all of its residents. The residents of facilities are vulnerable to improper use of trust fund finances, but this bond guarantees the principal (care facility) protects and manages monies in the trust ethically and in compliance with all applicable regulations in Title XII – Chapter 198 of the Missouri Statutes. 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 equal to one and one half (1.50) times the average monthly balance or average total of the monthly balances, rounded to the nearest one thousand dollars, of resident funds held by the facility. For a new licensee, the DHSS will determine the amount of the bond required and will take into consideration the size and type of facility, the number of residents and the experience of comparable facilities. Please contact the DHSS for the specific bond amount you will require 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 – Missouri
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