BONDS AND CRIME
6.1. Fidelity Bonds
(Mandatory):
The Employee Faithful Performance Blanket Bond covers loss sustained by insured because of dishonest or fraudulent acts of employees. "Faithful Performance" provides coverage for loss caused by failure of employee to faithfully perform duties. This bond is required by Legislative Auditor. There is a $1,000 deductible for this coverage.
6.2. Property Manager Bond (Mandatory):
This bond covers dishonest or fraudulent acts or failure to faithfully perform duties, in connection with handling and control of State Property, resulting in loss to insured. This bond is required by revised statute. There is a $1,000deductible for this coverage. This exposure is covered by 6.1. above.
6.3. Notary Bond (Mandatory):
This bond guarantees that a notary public will comply with applicable laws and regulations. This bond is required by revised statute. There is a $1,000 deductible for this coverage. This exposure is covered by 6.1 above.
6.4. Postal Bond (Mandatory):
This bond guarantees that a post office contract, branch, or station located at a university or college shall faithfully discharge all duties required under rules and regulations of the U. S. Post Office Department. It must account for, deliver, and pay over monies, mail matters, and other properties that come in its possession to the proper post office official. There is no deductible for this coverage. This exposure is covered by 6.1 above.
6.5. Public Official Bond (Mandatory):
Such a bond is required by law for persons elected or appointed to fill positions of trust. It protects against dishonest and fraudulent acts as well as a person's failure to perform duties required. There is a no deductible for this coverage. This exposure is covered by 6.1 above.
6.6. Crime - Inside/Outside Premises; Money and Securities; Depositors Forgery (Usually Secured by Combination Crime Policy) (Mandatory):
This policy covers all perils except those that are excluded by the policy on money and securities within premises and outside premises while conveyed by messenger. Property other than money and securities is insured against robbery (not theft) or safe burglary. Coverage is provided against loss through forgery or alteration of checks drawn by insured. There is a $1,000 deductible for this coverage.