A fidelity bond, more commonly referred to as a commercial crime policy is written to protect an organization from the impact of dishonest acts of the organization's employees. There are other coverage parts now available but the primary insurance part is employee theft. Surety One offers broad forms for both domestic and international business operations, generally following the S.F.A.A. formats. A typical fidelity bond will offer:
The basic commercial crime coverage forms can be further broadened by negotiated endorsement. Do you have an "outside of the box" or "non-standard" fidelity risk? No problem. Do you need a special fidelity bond manuscripted for your particular need? No problem. We have an appetite!
Pursuant to ERISA section 412 and 29 C.F.R. §2550.412-1 and 29 C.F.R. Part 2580, every regulated plan must be covered by an ERISA bond. This fidelity bond must be equal to no less than ten percent (10%) of the total asset value in the plan if those assets are "qualified", and one hundred percent (100%) if the plan assets are "non-qualified". The maximum ERISA fidelity bond amount required under Federal Code is $500,000, however if the plan is an employee stock ownership plan (ESOP) then the maximum is $1mn.
A standard ERISA bond does NOT provide coverage for registered investment advisers that are not also employees of the plan sponsor. We offer a specialty fidelity bond product to cover this exposure.
The following are the applications for our more popular business classes. Our Canadian producers will need to log in to access fidelity bond applications for specific provinces.
We offer denominations (coverages) from $5,000 to $2,000,000 to cover small enterprises such as janitorial services, pet sitters, housekeepers, valets, tow truck operations, home health care providers, security guards and the like.