Surety Bond News

The Colorado State Board of Health is now required to adopt rules for home health agencies to obtain professional liability insurance or a surety bond. The required amounts of the bonds will be set by these rules. This amendment SB 153 became effective on August 5, 2008.

On 06/30/2008, a new law concerning home health agencies was enacted in Florida. Titled HB 7083, the new law demands applicants for a new home health agency license to obtain a license bond of $50,000, where a surety bond or other comparable security that the Agency for Health Care Administration finds satisfactory. The acceptable alternate forms include letters of credit and trust accounts. The surety bond functions to secure the payment of administrative penalties and the fees and costs that the health care agency encountered regarding the license that the licensee failed to pay within 30 days after they became final. The Agency for Health Care Administration is allowed to make a claim on the surety bond until one year following the license is no longer active, one year after the license has been renewed twice, or 60 days following any administrative or legal proceeding for penalties or fees evaluated throughout the first four years of the original issuance of the license, whichever is later.