Health care clinic bond cost
The Florida Agency for Health Care Administration requires health care clinics to post $500,000 surety bonds prior to operating. Due to the large bond amount, underwriters will require applicants to submit current business financials and a personal financial statement in order to provide a quote. Due to the amount of risk associated with these bonds, the premium may initially seem high. However, it is important to consider that the bond is written for 2 years, and the premium is based upon the full term of the bond.
Why this bond
By posting a Florida health care clinic bond, principals (health care clinics) pledge to operate in full conformity with all legal requirements of the state of Florida. If the principal fails to conduct business lawfully and ethically, the bond protects harmed parties from financial loss up to the full penal sum of the bond ($500,000). The principal must reimburse the surety for any damages paid out.
Health care clinic bond details
Health care clinic surety bonds in Florida run continuously and remain in full force and effect for 2 years unless the bond is terminated or canceled.
The surety can terminate the bond by giving written notice of cancellation via certified or registered mail to both the principal and AHCA Health Care Clinic Unit at least 60 days prior to effective termination date.
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