A New Jersey Patient Trust Surety Bond is required by the New Jersey Department of Health (NJDOH) for long-term care facilities that accept and manage the funds of some or all of its residents. The residents of facilities such as these are vulnerable to the improper use of trust fund finances, but this surety bond guarantees that the principal (care facility) protects and manages monies in the trust ethically and in compliance with all applicable regulations in Section 8:39-9.5 of the New Jersey Administrative Code. 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 required to reimburse the surety for all monies paid out, including any attorney fees incurred.
The amount for this bond varies and must be equal to or greater than the total dollar amount of resident funds the facility manages. For new licenses, the bond amount is based upon the estimated dollar amount of resident funds the facility will manage. Please contact the NJDOH 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 – New Jersey
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