A Pennsylvania Patient Trust Bond is a type of surety bond required for any person or business entity that operates a long-term care facility in the state of Pennsylvania. This bond is required by the Pennsylvania Department of Health (DOH) to protect residents of long-term care facilities from financial losses due to fraud, theft, or other misconduct by the facility’s owners or operators.
The amount of the Patient Trust Bond is determined by the DOH based on the applicant’s financial condition and the number of residents the facility anticipates caring for. However, the bond amount must be at least $10,000. If you are a business that operates a long-term care facility in Pennsylvania, you are required to obtain a Patient Trust Bond. Failure to obtain a bond can result in serious penalties.
How to Get a Pennsylvania Patient Trust Bond
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.
- Sign some paperwork and pay the bond premium
Once these steps have been completed, the Pennsylvania Patient Trust Bond 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.
The cost of the bond is usually between 1% and 3% of the bond amount, subject to a minimum premium and fees of $150 to$250. Surety1 will shop its many markets to procure the right price at the right terms.
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.