Florida Resident Fund Surety Bond
AmeriPro Surety Bonds | 844-589-9732
Resident Fund Surety Bond
The law requires that home care assisted communities whose representatives act as payees for the residents of the facility obtain a surety bond.
Florida Resident Fund Surety Bond: The Purpose of this Surety Bond’s Requirements
The purpose of the resident fund surety bond is solely for the benefit of the resident of the assisted care community.
The surety bond protects those persons – the residents — whose money or monetary instrument is being handled by the representatives, from any acts of theft, fraud, or criminal mismanagement of those funds.
The surety bond is required of the assisted care community to protect the residents from financial loss or harm and serves as a financial guarantee that representatives of the facility will abide by all laws in the administration residents’ funds.
If you’ll note one very important feature of this surety bond: That is, it is exclusively for the protection of the residents of the assisted care facility.
The bond does not protect and is not designed to protect the assisted care facility at all.
Besides all of this, the bond is a requirement to remain in legal standing with the law and the Administration.
Florida Resident Fund Surety Bond: Amount You are Required to Purchase
The amount of surety bond required of you as an assisted care facility will be in one two amounts.
The surety bond required is:
The GREATER of:
- A minimum of $5000 surety bond;
- Or, two times the value of the residents average monthly income, plus the value of the residents property which is held by an attorney in fact.
We note that the bond amount must cover all of the residents of the facility. You may also purchase a bond for each resident of the facility as that may be more feasible. If you need clarification, on this point, we suggest you contact the Administration and then call us thereafter.
Price for the Florida Resident Surety Bond:
Since there is a minimum $5000 bond required, but no way for our agency to know the amount of bond you will be required to purchase beforehand, we can only provide general guidelines for the bond’s premium.
- The amount you will be required to pay will be a small percentage of the bond’s face amount, but the final premium required will involve an application along with a decision based on a credit report.
- The bond’s premium may possibly be as low as 1% of the amount required; however, that amount is subject to credit reporting criteria.
AmeriPro Surety Bonds
AmeriPro Surety Bonds will be with you every step of the way in purchasing the resident fund surety bond required.
Our agency’s focus is on one thing: Surety Bonds.
We provide court, fiduciary, license and permit, and contractor bonds throughout the great state of Florida and nationwide.