Washington - Nursing Facility Resident Funds — required surety bond in Washington. Apply online in minutes.
The Washington Nursing Facility Resident Funds Bond is a financial guarantee ensuring that nursing homes properly manage, account for, and disburse the personal funds of their residents. It protects vulnerable individuals from financial abuse, theft, or mismanagement by the facility entrusted with their care.
Nursing facilities operating in the State of Washington that hold, manage, or act as a fiduciary for their residents' personal funds typically need this surety bond. If a facility does not manage resident funds, they may not be required to hold this specific coverage, but operators should verify their status with the state.
The State of Washington generally requires this bond to protect the financial assets of residents living in long-term care facilities. It provides a reliable source of restitution if a facility fails to follow regulations regarding the safekeeping and ethical management of resident trust accounts.
To get started, click Apply Now to complete our secure, approximately 5-minute online application. Once your application is reviewed, Noah Insurance Agency will provide a tailored quote. Upon acceptance, your bond will be issued and conveniently delivered to you by email.
Premiums are based on the total bond amount required and the facility owner's financial profile. Since bond requirements vary, please apply online with Noah Insurance Agency or call 814-718-0060 for exact figures.
The required bond amount generally fluctuates based on the total volume of resident funds the facility manages. Facility operators must verify their specific required amount directly with the issuing state agency.
Generally, only facilities that choose to hold and manage the personal funds of their residents are required to secure this bond. If your facility does not handle resident trust accounts, you may be exempt, but you should verify this with the state.
Bond terms can vary depending on the underwriting and state guidelines, often requiring annual renewal. Check with the obligee for exact term requirements and rely on Noah Insurance Agency to help manage your upcoming renewals.
Send us a note or call 814-718-0060 — a licensed agent will confirm the bond amount and requirements for you.
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