An Ohio Patient Trust Surety Bond is required by the Ohio Department of Health (ODOH) for nursing homes and 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 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 regulations in Section 3721.15 of the Ohio 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 then required to reimburse the surety for all monies paid out, including any attorney fees incurred.
The amount for this bond varies and is equal to the amount of resident funds held by the facility during the year. It is recommended that you contact the ODOH 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 – Ohio
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