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Often referred to as fidelity or bonding it is one of several forms of coverage under the Crime policy (others include Depositors Forgery, Money & Securities, Computer Fraud)
What's CoveredTheft of association property (not just money) by one or more employees. Coverage may be modified to satisfy ERISA requirement (statute requires sponsor to maintain lesser of $500,000 or 10% of plan assets).
Who's CoveredCovered property is that belonging to association. In the case of ERISA endorsement, sponsored plan becomes a named insured and plan assets become protected. Definition of employee generally refers to all FT, PT, temporary employees as well as directors or officers; contractors are almost always excluded from definition of insured.
Value to AssociationWhile no substitute for effective accounting controls, Employee Dishonesty insurance is viewed as among the most essential of property safeguards.
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