Florida Nursing Home and Assisted Living Facility Patient Trust Bonds

Florida Patient Trust Bond

Nursing homes and assisted living facilities that manage the funds of their patients are required by the Florida Agency for Health Care Administration (AHCA) to obtain a surety bond. Specifically, either a Nursing Home Patient Trust Bond or an Assisted Living Facility Bond.

QUOTE

Jet Insurance Company provides the Nursing Home Patient Trust Bond and the Assisted Living Facility Bond as a financial guarantee for the benefit of residents who have funds deposited with nursing homes. The ACHA requires the bond from a third-party carrier, like Jet Insurance Company, before any nursing home is allowed to manage their patients' funds.

What Is the Custom Limit and Cost of a Patient Trust Bond?

According to the Florida Agency for Health Care Administration, your bond limit will depend on your license type. 

If you are seeking a nursing home license, the Nursing Home Patient Trust Bond limit must be $5,000 or in an amount equal to twice the average monthly balance of the prior year’s patient trust fund, whichever is greater.

As for those who are applying for licensure as an assisted living facility, the Assisted Living Facility Bond limit is required to be in an amount equal to either twice the average monthly aggregate income of the facility or the personal funds due to the residents, plus the value of any other property of the residents that is under the management of the facility. 

At Jet, the cost of a Patient Trust Bond is a small percentage of the custom bond limit and is based on the personal credit of the business owner. In addition, applicants of larger bond amounts ($50k or higher) may require a review of the business’s financials to determine eligibility and an appropriate rate.

To illustrate Jet’s pricing, allow us to use an example. Let’s say you are new to the healthcare industry and are in need of a $5,000 Nursing Home Patient Trust Bond. With this in mind, you could pay $100 for a one-year bond term. 

For additional custom bond limits and Jet’s preferred credit tier rates, take a look at the price chart below.

Bond LimitsCost
Up to $10,000$100
$25,000$250
$50,000$500
$100,000$1,000
FL Nursing Home and Assisted Living Bonds Pricing

To get started with the purchase of either surety bond, simply select the “Quote” button above!

What Is the Purpose of a Patient Trust Bond?

The Florida Agency for Health Care Administration manages businesses such as nursing homes and assisted living facilities to ensure patients’ physical and financial safety. One way to do that is by requiring businesses to be licensed and to obtain a form of financial security such as a Patient Trust Bond. 

One of the main purposes of a Nursing Home Patient Trust Bond and an Assisted Living Facility Bond is to make certain that residents will receive compensation for any financial damages incurred. So if the nursing home or assisted living facility mismanages patient funds through acts of negligence or fraud, the surety bond will cover what is owed to the claimant. This does not give nursing homes a free pass to commit fraud. Read more in our claim section.

How to Apply for a Nursing Home Patient Trust Bond or Assisted Living Facility Bond With Jet

The application can be completed online from the comfort of your home, or anywhere really. To begin, some general information will be needed such as your contact details and personal social security number for a soft credit check (no need to worry—this process won’t have an impact on your current score). For most applicants the bond can be purchased online in minutes.

As stated before, higher bond limits require a closer look, so if more info is needed, a Jet underwriter will give you a quick call to go over the financials of your business. You’ll soon receive notice of an approved rate that is ready for immediate purchase. All you need to do is fulfill the payment due, and once done, you’ll instantly receive a copy of your receipt and bond form. It’s that easy!

Can Jet File My Patient Trust Bond for Me?

Yes! And at no extra cost to you. However, if you would prefer to take care of this step yourself, the option to do so may be selected at check out. 

Both the original signed and sealed Nursing Home Patient Trust Bond form and the Assisted Living Facility Bond form must be submitted to the Agency for Health Care Administration at the following mailing address:

Florida Agency for Health Care Administration
Long Term Care Unit, MS 33 
2727 Mahan Drive 
Tallahassee, FL 32308

Applications for each license type and other documents required of you can be found on the AHCA’s Nursing Homes webpage and Adult Family Care Home webpage (applies to assisted living facilities).

Are There Other Bonds That a Florida Nursing Home or Assisted Living Facility Owner Needs?

Yes, a Leased Nursing Home Bond is required of all nursing homes that are registered with the Florida Agency for Health Care Administration.

In addition, a $500,000 Health Care Clinic Non-Immigrant Alien Bond is mandated of any home health agency, home medical equipment provider, or health care clinic that is affiliated through ownership or controlling interests with a non-immigrant alien. If you are in need of this specific surety bond, give Jet a call at 855-296-2663 and we’ll help you out right away!

Learn More About Your Surety Bond

How to Renew My Bond

For annually-purchased bonds, see Jet’s process to renew your bond. Hint- it’s simple.

How to Cancel My Bond

See the details surrounding cancelling your Patient Trust bond.

Bond Claim Process

Owners of nursing homes and assisted living facilities need to be aware of what causes a claim and what happens after a claim is made.

Florida Patient Trust Bond Form Example

Florida Patient Trust Bond Form

Notary Bond Application:

X

Business Information:

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information:

Employee Dishonesty Bond Application:

Business Information:

Business Description:

Coverage Requirements:

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information:

Contract Bond Application:

X

Business Information:

Owner Information:

Job Details:

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information:

Worker's Compensation Application:

X

Business Information:

Business Description:

Coverage Requirements

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information: