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Patient Trust Funds Held by a Home for the Aged

This bond is required for facilities that operate homes for elderly residents in Michigan and handle money on behalf of those residents. When a nursing home or assisted living facility manages personal funds for their elderly patients - such as Social Security checks or savings - they must have this bond to protect th…

Bond amountVaries by license type or project
State or jurisdictionMichigan
ObligeeMichigan Department of Community Health

Essential point: Pin down whether this is your bond, then start the application. Ava can confirm the right state and license type if you are not sure.

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2323 yearsHelping clients and agents
Overview

What it is.

This bond is required for facilities that operate homes for elderly residents in Michigan and handle money on behalf of those residents. When a nursing home or assisted living facility manages personal funds for their elderly patients - such as Social Security checks or savings - they must have this bond to protect th…

Who usually needs it

Nursing home facility operators, owners, and staff in Michigan who manage patient trust funds must obtain this bond as a condition of their nursing home license. This applies specifically to facilities that provide organized nursing care and medical treatment to 7 or more unrelated individuals suffering from illness, injury, or infirmity, including county m…

Pricing & timing

What to expect.

Generic pricing

Guardianship bonds protect the interests of minors or incapacitated persons under court-appointed guardianship. Pricing Information:. Court bonds are reviewed case-by-case and must be approved before pricing can be provided. • Bond amount: Set by the court based on the ward's assets. • What affects pricing: Asset value, type of guardianship, credit and financial strength. • Collateral: May be required depending on asset value. • Ongoing requirement: Many guardianship bonds must be renewed annually. Guardianship bonds are typically required when a guardian manages significant financial assets. Court approval is required before issuance.

Your quote determines the actual premium.

Typical timeframe

Probate/fiduciary application — typically 3–5 business days

Timing can change when underwriting needs more information.
Application details

How it works.

  1. Start the application

    Confirm the bond and provide applicant and business details.

  2. Review the quote

    See the terms and premium before deciding to continue.

  3. Pay and sign

    Complete the required payment and signatures.

  4. Receive the bond

    Get the issued bond and filing or delivery instructions.

Platinum Bonds

Experience behind every bond.

Helpful guidance, a real agency team, and a clear path from research to application.

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Next step

Ready to move forward?

Start the secure application with this bond already selected, or ask Ava a question before you begin.

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