Colorado Resident Trust Fund Bond |
AmeriPro Surety Bonds | 844-589-9732
Nursing Facilities – Colorado
The Colorado Department of Health and Environment oversees the regulations of nursing and related facilities. The Department also serves as the bond’s obligee i.e., the entity requiring your facility to post a surety bond.
Such facilities must post a surety bond in an amount to that will be acceptable to the Department, and which is in accordance with current statutes.
While amounts will obviously vary from one facility to another, our agency will help file the amount required for your compliance with the law.
Statutes and Surety Bond Amount Required
Under § 49.2.10 Protection of Personal Funds, you are required to purchase a surety bond to protect the assets of those for whom you provide care. No specific amount is given under the statute, and that may be presumably because amounts will vary.
Chapter 307 of the state’s statutes is more specific. This statute mandates that the amount of surety bond required must be equal to the amount of the personal needs funds which have been deposited in the personal needs trust fund.
The Cost of this Surety Bond:
Up to $50,000, our agency will be able to issue to you this bond:
- At 1% annually of the bond amount, with a minimum of $100;
- Without a credit check.
- This means, that after completion of a standard surety bond application, and payment of the surety bond premium, the bond is issued to you immediately.
For amounts greater than $50,000, established applicants may still be able to qualify for this bond without a credit check; however, there are conditions involved (i.e. criminal history, at least 3 years in business, etc.).
Premium Prepayment Options
Your Colorado resident trust fund bond is issued with a term of just one year.
As an applicant you may choose to prepay the amounts required for 2 or 3 years. While this is entirely your decision, prepayment of the surety bond allows you a savings over year to year renewal of the bond.
You may wish to keep in mind, however, that the amount of bond required may change from one year to the next. Surety bonds of this nature, once purchased, are not refunded.
The Purpose of Your Resident Trust Fund Surety Bond Requirement
While required of you, the resident trust fund surety bond is for the protection of your nursing home residents.
The bond ensures that your facility will act in a lawful fiduciary capacity with respect to the protection of the funds of your patients.
As stated in the wording of the bond itself, this bond guarantees 4 items:
- That you will hold funds in a trust AND separately all the monies of patient funds deposited;
- You will act in a proper and lawful fiduciary capacity with such funds;
- You will provide an accurate and true accounting to the Department, patients, and depositors of the funds whenever requested by any of these persons or entities;
- After the termination of each deposit, you will account for all funds received, and any expenditures and accounting of money held.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit, court, and fiduciary surety bonds throughout Colorado.
We also provide surety bonds nationwide.
Please call our agency today:
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