The state of Oklahoma requires long-term care facilities and other caregivers who accept and manage patient funds to file a surety bond with the state. 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 the manner directed by the law. If the facility fails to fulfill the bond’s terms, the harmed party can file a claim against the bond. If validated, the surety will pay out up to the penal sum of the bond to resolve the claim, and any monies paid out by the surety must be reimbursed by the principal. The amount for this bond varies and must be equal to or greater than the total dollar amount of resident funds managed by the facility. The Oklahoma State Department of Health (OSDH) is the regulatory body that handles licensing for care facilities, and it is recommended you contact the OSDH 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 – Oklahoma
VariesRequest a Free Quote