If you are engaged in the operation of a nursing home that handles patients funds in Michigan you are required by the Michigan Department of Licensing and Regulatory Affairs Bureau of Health Systems Division of Nursing Home Monitoring to file a Michigan Patient Trust Fund Bond as a condition of licensure.
A surety bond protects the party requesting the bond, the Obligee, against any financial losses as a result of poor financial decisions, damages, unethical decisions, or a failure to follow state and local laws on the part of you, the Principal. The Michigan Patient Trust Fund Bond holds you accountable for your business decisions.
By possessing a Michigan Patient Trust Fund Bond, you are telling your Obligee that you can be trusted as a Principal and that you stand behind your business decisions.