Michigan Patient Trust Fund Bond
AmeriPro Surety Bonds | 844-589-9732
Surety Bond; Purpose
Michigan nursing home facilities are required by the state’s Department of Licensing and Regulatory affairs to obtain a surety bond.
The surety bond’s purpose is to serve as a financial guarantee which protects the deposits of patients in your nursing home; and which, moreover, ensures that you will use those funds only in accordance with the Michigan law, acting always in the best interest of your patients.
By statute, the surety bond must be in the name of your facility. Furthermore, the amount must be:
- A minimum of $2,000 surety bond;
- Or, in accordance with 333.21721 of the state’s Legislative Council, it must not be less than 1 ¼ times the average balance of the funds held in the patient trust fund account in the prior year.
At the Department’s discretion, they may require you to obtain a surety bond higher than the above formula, or they may lower the bond amount required.
Qualifying and the Premium
The Michigan patient trust fund surety bond is offered to you in any amount required.
Up to and inclusive of a $50,000 surety bond requirement, we also provide this surety bond to you without a credit inquiry. What this means is that upon completion of an application, and payment of the premium, you patient trust fund bond is issued and mailed to you immediately for filing.
A surety bond requirement greater than $50,000 requires a completed surety bond application, a review by an underwriter, and a credit inquiry.
For amounts greater than $50,000 approval is determined on the basis of satisfactory credit.
Upon receipt by mail, you’ll sign your bond as Principal (we will have signed it as Surety), and file it to:
Michigan Department of Licensing & Regulatory Affairs
Nursing Home Monitoring Division
P.O. Box 30664
Lansing, MI 48909
Surety Bond Term
Your nursing home facility surety bond is issued with a standard one year term. The amount of surety, if applicable, may be adjusted as may be required by the Department.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit, Court, probate, and other surety bonds in Michigan and all 50 states.
Please call our agency today at:
Or, you may fill out the form below and a Surety Agent will contact you…