Persons who have the care and administration of the funds and assets of patients in long term care facilities may be required to obtain a surety bond.
AmeriPro Surety Bonds offers this surety bond in the amount required as determined by the Georgia Department of Community Health.
The purpose of the Georgia patient trust fund bond is a financial guarantee that funds held by an administrator on behalf of a patient or patients, will only be used for the benefit of those patients.
The bond protects patients against any act of fraud, theft, embezzlement, negligence, or any criminal malfeasance that patients may suffer due to the willful misuse or mismanagement of funds by an administrator or those under their charge.
By means of this surety bond, the victims may recuperate their losses; however, as principal (owner) of the surety bond, any amounts paid by the surety must be reimbursed in full by the principal.
This amount includes all costs and fees associated with the settlement of any claim.
The amount of the Georgia patient trust fund bond will be in at least an amount that is equivalent to all funds from all patients held in trust by an administrator.
As such, there is no single dollar amount required for this bond.
The price of the Georgia patient trust fund bond will typically represent a small percentage of the bond’s overall face amount.
For example, a $20,000 patient trust fund bond may cost as little as $200 annually, or 1%; however, the amount that you will be required to pay will be determined by an application and a credit check.
Once issued, the bond will be active for one year from the date of issuance, and thereafter the bond must be renewed.
Presumably, upon renewal the amount of the surety bond you require will likely change.
AmeriPro Surety Bonds is a surety bonds-only agency which provides license and permit, contractor, court and fiduciary bonds throughout Georgia and nationwide.
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