Illinois Resident Fund Surety Bond
AmeriPro Surety Bonds | 844-589-9732
Illinois Resident Fund Surety
If you operate an Illinois long-term care facility and your fiduciary duties include accepting money from your residents which you manage on their behalf, you are required to post a surety bond.
The obligee, that is, the entity requiring the resident fund surety bond is the Illinois Department of Public Health. By statute, it is Title 77, Section 350.3260 of the Administrative Code.
AmeriPro Surety Bonds provides you with the surety bond required after the amount has been determined.
Illinois Resident Fund Surety Bond: Amount of the Bond Required
According to the Department of Public Health, the amount of bond required is as follows:
It is either,
- The maximum amount of the funds managed by the principal (that is, you, or your long-term care facility) within the previous 12 months, on behalf of the long-term residents, before the bond’s execution date;
- The maximum amount of funds you estimate will be managed by your long-term care facility on behalf of residents within the next 12 months from the bond’s execution date;
WHICHEVER amount is GREATER.
You will need to provide both numbers to the Department through an resident surety fund application which you will submit.
Illinois Resident Fund Surety Bond: The Purpose
The purpose of your Illinois resident fund surety bond is a financial guarantee on behalf of your long term residents.
The bond is a financial guarantee which protects your residents from acts of embezzlement, fraud, outright theft, willful or negligent mismanagement of funds either by a principal, or any employees of an Illinois long-term care facility.
The bond does not protect you or your facility at all. It is solely for the benefit of residents of your facility and ensures that should mismanagement of funds be demonstrable, these residents are able to recoup their losses.
But the bond is also not an insurance policy.
Should a claim be paid on your surety bond, it is the responsibility of the principal (or obligor, that is you) to fully reimburse the surety for all costs and fees involved in the settlement of a claim.
Premium and Duration of the Illinois Resident Fund Surety Bond
The premium required amount will be a small percentage of the bond amount required.
You may be asked to pay as little as 1%, annually of the bond’s amount for your resident fund surety bond.
Depending on the size of the bond required more applicant information may be required. Such information will deal principally, but not exclusively, with financial standing.
Our agency will walk you through the application process and will work to find you the best surety pricing which suits your circumstance.
About AmeriPro Surety Bonds
AmeriPro Surety Bonds is a surety bonds-only agency.
What that means for you is that our sole focus is getting you bonded efficiently and at a fair price.
We are not going to try to sell you a liability policy, or anything else. We do surety bonds.
Our agency provides license and permit, notary, contractor, and fiduciary bonds throughout Illinois. We also provide bonds nationwide.