Michigan Surety Bond for Patient Trust Funds Bond Form
A Michigan Surety Bond for Patient Trust Funds is a type of surety bond required by the Michigan Department of Community Health to operate a nursing home in Michigan. The bond amount must be at least 1.25 times the average balance of patient funds held during the previous year. For facilities applying for a new license, the bond amount is based on an estimate by the Department of Community Health of the average balance of funds expected to be held during the first year of operation. The cost of the surety bond is usually between 1% and 3% of the bond amount, subject to a minimum premium and fees of $150. Surety1 will shop its many markets to procure the right price at the right terms.
How to Get a get a Michigan Surety Bond for Patient Trust Funds
At Surety1.com we make it easy to obtain this surety bond. Our simple, three step process is:
- Complete the easy to navigate and secure online application. 1
- Review the free, no obligation quote from one of Surety1’s professional surety bond agents, usually within one business day. 2
- Sign some paperwork and pay the bond premium
Once these steps have been completed, the Michigan Surety Bond for Patient Trust Funds will be shipped to the bond applicant.
1 -The name of the applicant on the surety bond application must match exactly the full legal business name of applicant for the license.
2- Subject to underwriter approval, based on aggregate surety bond exposure, additional underwriting information may be required
Surety1.com is a service of AssuredPartners one of the largest and fastest growing insurance agencies in the nation. Representing over a dozen surety bond companies, Surety1.com is the premier online provider of surety bonds nationwide since 2003.
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Who Needs This Surety Bond?
In Michigan, only nursing home owners or operators need a Surety Bond for Patient Trust Funds. This requirement is mandated by the state’s Public Health Code and enforced by the Michigan Department of Community Health.
The bond serves as a financial guarantee specifically for patient trust funds held by the nursing home. It protects residents from any mismanagement of their money. So, if you’re running a different type of healthcare facility or senior living arrangement, you likely wouldn’t need a Michigan Surety Bond for Patient Trust Funds .
How to Get Your Michigan Surety Bond for Patient Trust Funds
- Complete an online application. It’s free and no-obligation.
- One of our surety experts will contact you with a firm quote and an agreement to sign.
- Provide payment and your signed agreement, and then you will receive your Surety Bond!
If you have any questions, please call us at 877-654-2327.
Surety1 was founded in 2003 and helps thousands of clients find the best prices on their surety bonds. We take pride in our work so that we can give you great service. Learn more about Surety1.