Rhode Island patient trust funds bonds.
From $100.
A Rhode Island care facility that holds residents’ personal money must secure those funds with a surety bond under R.I. Gen. Laws § 23-17-50. The bond amount tracks the funds you hold, with the State as obligee. Premiums start from $100, and no credit check up to $250,000 — enter your amount and the premium updates.
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How much does a Rhode Island patient trust funds bond cost?
1% of the bond amount, from $100. Enter your amount in the calculator for the exact price.
Three steps. One sitting.
No underwriting queue for the standard patient trust bond — enter your amount, pay, and file. Here is the whole thing:
Apply online
Your facility details, the bond amount tied to the resident funds you hold, and an effective date — that is the application.
Issued on the spot
No credit check up to $250,000. Above that, the carrier may run a soft pull, which never affects your score.
File with the Dept. of Health
Submit the executed bond to satisfy your facility licensing requirement. Wet-ink originals mailed whenever the office insists.
What it is and who needs it.
What the patient trust bond actually covers
When a Rhode Island nursing facility, ICF/DD, or assisted living residence holds and manages residents’ personal spending money — their personal needs funds — the state requires a financial backstop so those funds are protected if the facility mishandles them or fails.
Under R.I. Gen. Laws § 23-17-50, a licensed health care facility that controls patient funds must maintain a surety bond with the State of Rhode Island as obligee, consistent with the federal requirement at 42 C.F.R. § 483.10(f)(10)(vi) to assure the security of residents’ personal funds. The bond amount must exceed the total resident funds on hand, typically benchmarked to the prior year’s average balances and reviewed annually.
The bond protects residents and their families: if the facility loses, misapplies, or fails to return resident funds, the bond makes them whole. It is not insurance for the facility — if the surety pays, the facility repays the surety. No credit check up to $250,000. Above that, the carrier may run a soft pull, which never affects your score.
You need this bond if you are
Claims, renewal, filing, and what sets the price.
If a claim is made
A claim comes from the party the bond protects, the obligee named on the form, when the duty the bond guarantees is not met.
The surety investigates and pays a valid claim, up to the bond amount. You then repay the surety: a surety bond is a guarantee of your performance, not insurance for you.
Renewal and term
The premium covers a one-year term from the effective date you choose.
Renew before the expiry date to keep the bond in force: the license, permit or contract it backs expects continuous coverage.
How to file it
File with the Dept. of Health. Submit the executed bond to satisfy your facility licensing requirement. Wet-ink originals mailed whenever the office insists.
What sets the price
The premium is 1% of the bond amount, $100 minimum: the amount the obligee sets moves the price, not your business profile.
No credit check up to $250,000. Above that, the carrier may run a soft pull, which never affects your score.
Where a check runs, it decides approval; the rate is the same for everyone approved.
One application, issued on the spot.
Submit the application with your required bond amount — the executed patient trust bond is generated instantly, ready to file with the Department of Health.
Start the application →Common questions.
Other Rhode Island bonds.
The same bond in nearby states.
Price and requirements checked on the carrier’s application, . Page updated .
Patient trust bond, issued today.
Premiums from $100. Enter the amount your balances require and see your exact price.