California Health Facility Patient Trust Fund Bond
AmeriPro Surety Bonds | 844-589-9732
Surety Bond Requirement and Its Purpose
California-operated health facilities who manage patients’ funds are required to obtain a surety bond. The bond is required as a financial guarantee for those patients that money handled will be according to California state law.
The surety bond is therefore a protection on behalf of your patients for acts of fraud, misappropriation and malfeasance in the handling of patient funds by a licensed and bonded patient facility.
Amount of Surety Required
According to California law, the amount of surety bond required depends on the amount of funds handled on a monthly basis for your customers.
Because this amount can change, you may also be required to adjust the amount of surety required as circumstances dictate.
The breakdown is as follows:
- $750 or less — $1000 surety bond;
- $751 to $1500 – $2000 surety bond;
- $1501 to $2500 – $3000 surety bond;
Thereafter, every increment of $1000, or even a fraction of that amount, requires an additional $1000 surety bond.
Qualifying and the Premium
Up to and inclusive of a $50,000 surety bond requirement, our agency offers you the California health facility patient trust fund bond without a credit inquiry. This means that your application will automatically be approved.
The premium for these bond amounts is $100 or 1% of the surety bond amount, whichever amount is greater.
Applicants who require this surety bond for amounts greater than $50,000 will need to complete an application and undergo a review by our underwriter which includes a credit inquiry.
To be approved, good credit is required; our agency will not get you approved without it. The premium amount is also 1% of the surety bond required.
After your bond has approved and the premium paid, our agency issues it to you immediately. Your surety bond, along with a Power of Attorney form and a notarized document will be sent to you for filing.
Upon receipt, you’ll sign your bond as Principal and file it to:
California Department of Public Health
Licensing and Certification Program
Centralized Applications Unit
P.O. Box 997377, MS 3402
Sacramento, CA 95899-7377
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit, court, probate and other surety bonds in all 50 states and Washington D.C.
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