Notary Public Surety Bond West Virginia | Western Surety Company Notary Public Bond
11 terms

Chapter 27


Terms in this set (...)

ISO Crime insurance program
5 Crime coverages
1. Commercial crime coverage form
2. Commercial crime policy
3. Government crime coverage form
4. Government crime policy
5. Employee theft and forgery policy
Commercial Crime Coverage
1. Robbery
2. Burglary
3. Safe burglary
4. Theft
b) Insurance Agreements
1. Employee theft
2. Forgery or alteration
3. Inside the premises—theft of money and securities
4. Inside the premises—robbery or safe burglary of other property
5. Outside the premises
6. Computer fraud
7. Funds transfer fraud
8. Money orders and counterfeit paper currency
c) Exclusions
1. Dishonest acts or theft committed by the named insured, partners, or members
2. Knowledge of dishonest acts of employees prior to policy period
3. Dishonest acts or theft by employees, managers, directors, trustees, or representatives
4. Confidential information
5. Indirect loss
6. Inventory shortages (applies only to the employee theft insuring agreement)
7. Trading losses
d) Policy Conditions (four important conditions)
1. Discovery form—covers losses discovered during the policy period or within 60 days after
the policy expiration date, regardless of when the loss occurred
2. Loss-sustained form—covers losses that occur during the policy period and are discovered
during the policy period or within one year after the policy expires
3. Loss sustained during prior insurance not issued by us or any affiliate
4. Termination as to any employee
Financial Institution Bonds
designed for commercial banks and other financial institutions. A number of insuring agreements are available.
Financial instutition bonds
insuring agreements:
A. Fidelity Coverage
B. On Premises Coverage
C. In-transit Coverage
D. Forgery or Alteration Coverage
E. Securities Coverage
F. Counterfeit Money
G. Fraudulent mortgages
Surety Bonds
Parties to a bond
1. Principal
the party who agrees to perform certain acts or fulfill certain obligations
2. Obligee
the party who benefits from the bond if the principal fails to perform
3. Surety
the party who agrees to answer for the debt, default, or obligation of another
Types of Surety Bonds
1. Contract bonds—guarantee that the principal will fulfill all contractual obligations
2. License and permit bonds—required by law or ordinance
3. Public official bonds—guarantees that public officials will faithfully perform their duties for the protection of the public, such as a state treasurer handling public funds
4. Judicial bonds—guarantees the party bonded will fulfill certain obligations specified by law, such as a fiduciary bond for the executor of an estate
5. Federal surety bonds—to guarantee that the bonded party will comply with federal standards
6. Miscellaneous surety bonds