Bonds and surety

Fidelity bonds

Blanket Position Bonds

Blanket Position Bonds cover all employees effective the day the bond is issued. Employee means any person or officer in the regular employ of the insured who receives salary, wages, or commission, and whom the insured has a right to govern and direct at all times in the performance of their employment. As the bond automatically includes new employees and ceases on employees who no longer are employed, it is not necessary to endorse deletions or additions.

There are 2 types of blanket fidelity bonds:

• Blanket Position Bond – provides a specified limit on each employee. Bond may be extended to provide excess of the specified limit on specified employees.
• Commercial Blanket Bond – provides one aggregate limit of liability, regardless of the number of employees involved.

Named-Scheduled Fidelity Bonds

This bond provides coverage on employees named on the bond. Bond lists the name and position of each employee and the amount for which each is bonded.