A fraternity of sorority board of directors or officers generally receive, manage and disburse funds paid by members as dues or special assessments. The bylaws of a fraternal organization may require those parties charged with financial duties to offer the protection of a fidelity bond, also knows as a commercial crime policy. Surety One, Inc. offer fidelity bond coverage specifically tailored to fit the needs of greek, collegiate and private sector membership organizations. Coverage parts follow the ISO format/guidelines. Those coverages available to fraternal bodies are:
The first coverage (employee theft) is the essential part, the latter being optional "add ons" to the main coverage. Those organizations that offer a retirement plan to long term employees must also purchase an ERISA fidelity bond, which may be acquired on a stand-alone basis or added to the commercial crime policy.
Policy forms for cyber risks and social engineering are now regularly added to the basic financial institution coverage suites. Visit CyberRiskPolicy.com for more.
National surety leader, Surety One, Inc. is a specialist in the bonding needs of fraternal organizations. We offe fidelity bonds needed by in ALL fifty states, Puerto Rico and the U.S. Virgin Islands. Questions about a fidelity bond for a sorority or franternity? Call us at (800) 373-2804, email us at Underwriting@SuretyOne.com or click here for live chat.
Surety bond application review and quoting are free of charge. There is no obligation to purchase.