Category

Fidelity Bonds

Fidelity Bond for Credit Unions (NCUA Rule Change)

Many financial institutions must comply with fidelity bond requirements. Both corporation credit unions and natural person credit unions are no exception. A new Rule recently adopted by The National Credit Union Association made some changes to the fidelity bond instruments that… Continue Reading →

Fidelity Bond Could Have Covered $3mn Dishonesty Loss

A fidelity bond (commercial crime coverage) is generally an inexpensive insurance protection when unexpected losses occur due to employee theft. A recent case example was reported by Matthew LeBlanc of the Journal Gazette. “An Auburn man, his sister and her… Continue Reading →

Is a Fidelity Bond Really a Surety Bond?

The answer is simple, . . . no. A fidelity bond is not a surety bond. It is commercial crime insurance. The purpose of insurance is to transfer specific risks of an insured to an insurer in exchange for the… Continue Reading →

What Is a Financial Institution Bond

“Formerly known as a bankers blanket bond, and sometimes referred to as a fidelity bond, the financial institution bond as it is commonly known, is simply an insurance policy.  Though the term “insurance policy” does not typically appear in its… Continue Reading →

Colorado Community Association Managers Must Provide Fidelity Bond / Commercial Crime Coverage

Colorado CAM Fidelity Insurance






Fidelity Bond for Florida Homeowners Associations

Florida HOA Fidelity Bond






Connecticut Exchange Facilitator Fidelity Bond

Connecticut HB 6339 has been signed into law.  The statute requires an exchange facilitator to post a Connecticut exchange facilitator fidelity bond in an amount not less than one million dollars ($1m).  An errors/omissions policy, a deposit of cash or securities… Continue Reading →

Fidelity Bond, the Importance of Internal Controls

The most important fidelity bond underwriting consideration is the presence and formality of “internal controls”. A sound system of internal controls is an essential element of enterprise risk management. Every company with any significant employee dishonesty exposures should have formal internal… Continue Reading →

Third Party Fidelity Bond

It is well established law in most states that a standard fidelity bond does not cover an insured’s liability to a third party, even though an employee’s dishonesty is what sets into motion a chain of events culminating in that liability. … Continue Reading →

Fidelity bond coverage for I.T. companies.

The growth of the internet and accompanyine growth in need for I.T. specialists have created a strong demand for third party fidelity bonds to cover unique client exposures.  An I.T. professional performing on-site services for a client can have access… Continue Reading →

Fidelity bond, commercial crime policy, dishonesty bond, . . . one in the same!

A fidelity bond, often referred to as a commercial crime policy is an EXCELLENT way to cover your business for losses due to the dishonest acts of employees or in certain cases, outside service providers.  Traditionally fidelity bonds have been written to cover… Continue Reading →

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