Regulations state that the fidelity bond
must be worth no less than 10% of plan assets, with a minimum of $1,000 and a maximum of $500,000.
credit unions with its fidelity bond
and management and professional liability coverages, has seen an increase in both frequency and loss amounts from credit unions involved in lender liability lawsuits.
While the 1995 collapse of Barings PLC focused the media's and public's attention on another massive loss sustained from trading in "derivatives," the insurance industry has braced itself for a new round of claims by financial institutions and investors that have incurred these losses and other liabilities.(1) One type of insurance that may be the subject of claims is the fidelity bond
. But there are coverage issues that arise in claims involving derivatives-trading losses.
Make sure the company has a fidelity bond
. Today buildings have become increasingly complex.
Appropriate coverage can be realized through broadening the self-insured's definition of employee to include employees of the TPA and naming the self-insured as the obligee on the TPA's fidelity bond
And no modern coverage is complete without a cyber policy, especially as a recent court decision may allow for the expanded coverage of cyber losses under a fidelity bond
District Court of New Jersey said the $307 million credit union in Garden City Park, N.Y., was entitled to coverage from a fidelity bond
that it purchased from CUMIS.
Now, you can obtain insurance to protect against that personal liability -- but that's probably not the fiduciary liability insurance you may already have in place, or the fidelity bond
that often is carried to protect the plan against loss resulting from fraudulent or dishonest acts of those covered by the bond.
The group, staffed by eight fulltime employees, is a source for property/casualty coverages, including directors and officers, fidelity bond
, employment practices liability and related areas.
The court held that a fidelity bond
is a contract of indemnity against loss, not a contract of indemnity against liability.
Wolfe said he carries a fidelity bond
and only signs checks himself.