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Fidelity & Crime Insurance Covering Post Officers Facts You Should Know All Posts are required to insure their officers handling Post membership funds pursuant to Article VII Post Organization, Section
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How to fill out fidelity bonds vs crime

01
Start by obtaining the fidelity bond application form from your insurance provider.
02
Fill out the application form with accurate and detailed information about your company, its operations, and the employees who will be covered by the bond.
03
Provide any requested supporting documents, such as financial statements or references, that may be required by the insurance provider.
04
Review the completed application form and supporting documents to ensure accuracy and completeness.
05
Submit the application form and any supporting documents to your insurance provider.
06
Pay the necessary premium for the bond coverage.
07
Wait for the approval and issuance of the fidelity bond policy from your insurance provider.
08
Once the policy is issued, keep a copy for your records and ensure that all relevant parties involved are aware of the coverage provided by the fidelity bond.

Who needs fidelity bonds vs crime?

01
Companies or organizations that handle significant amounts of money or valuable assets, such as financial institutions, banks, investment firms, or jewelry stores, may need fidelity bonds vs crime.
02
Employers who want to protect themselves against employee theft, embezzlement, or fraud may also choose to purchase fidelity bonds.
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Fidelity bonds are a type of insurance that protects businesses from losses caused by dishonest acts of employees, while crime insurance typically covers a broader range of criminal activities, including theft, fraud, and forgery, whether committed by employees or third parties.
Businesses that handle large amounts of cash or sensitive information, such as financial institutions, are often required to file fidelity bonds. Generally, there is no specific requirement for filing crime insurance, but it is advisable for businesses to protect themselves against potential losses.
To fill out a fidelity bond application, businesses typically need to provide details about their operations, the types of employees covered, and the amount of coverage desired. For crime insurance, businesses must specify the types of coverage needed and provide information about their risk management practices.
The purpose of fidelity bonds is to protect employers from losses resulting from employee dishonesty, while crime insurance is designed to cover losses from various criminal acts that may affect a business, providing financial protection against theft or fraud.
For fidelity bonds, businesses must report information such as employee job duties, the total number of employees covered, and prior theft or dishonesty claims. For crime insurance, businesses should report any previous incidents of theft or fraud, security measures in place, and the value of assets at risk.
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