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    Fidelity Bonds (Crime Coverage)

    A fidelity bond is a type of financial instrument that guarantees the performance of a fiduciary, who may be in a position of public or private trust relative to money.

    Another term for fidelity bond is crime coverage, as it insures against money being taken from a company both within and from outside the organization.

    Fidelity or crime coverage includes:

    • Employee Dishonesty
    • Forgery
    • Check Alteration
    • Wire Transfer Fraud
    • Other External Threats

    If you have a 401k plan you probably also have ERISA coverage, a subset of fidelity and employee dishonesty protection.

    One way to take advantage of underwriting expertise is to use the carrier's questions on a Crime application as a starting point for putting together your financial protocol.

    Review these sample underwriting questions for businesses with less than $1MM in revenues.

    Important update:  Cyber crime has surpassed the traditional check writing scheme by a wide margin over the past few years. "Social engineering" refers to today's version of an old-fashioned grift.  Criminal digital theft is the fastest growing criminal enterprise in the world, so having dual authorization for funds transfer, and being highly aware - at all levels of the organization - of efforts to part a business from its money is more important today that ever.  A robust employee training program in coordination with your IT partners should be a critical part of any company's strategy.  

    For more on Cyber theft (and data breach liability), including strategies for protecting your organization, download our free e-book on Cyber Liability

    Talking to risk professionals at Gordon Atlantic Insurance should help you to quantify what your vulnerabilities may be, and whether insurance - or fidelity bonds - may play a part in reducing the cost of that risk to your business.  Call us toll free at 1-800-649-3252 to discuss your own exposure.  Prefer to type versus talk?  Ask a question by clicking below!


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