Bonds, Crime + Fiduciary Liability

Bonds, Crime + Fiduciary Liability insurance quotes from SSIG.

Bonds provide protection to the Obligee, also known as the party the bond is paid to in the event of a default, up to the limit of the bond, when the Principal fails to perform their obligation. 

There are several types of bonds.  Surety bonds include License and Permit bonds which government entities commonly require of contractors.  Contract or Construction bonds are also commonly needed by contractors while bidding on contracts.  Fidelity bonds provide employee dishonesty coverage.  Many times, this is required for employees who tend to have greater responsibilities with large sums of money.

Although employee theft remains the greatest concern for most organizations, a Crime policy generally covers losses caused by specific acts of non-employees, including theft, damage or destruction of money, securities, and/or other property both on premises or elsewhere (in-transit), forgery, or alteration.

Fiduciary Liability coverage can protect a business’s assets against the mismanagement of a company’s Employee Benefit Plan.  Under the Employee Retirement Income Security Act (ERISA) fiduciaries may be held personally responsible for the mismanagement of Employee Benefit Plans.  Under ERISA Section 409, both employers (the plan sponsors) and outside providers whom you may have hired in a fiduciary role, are exposed to liabilities.  Even if you hired an outside party, you are still responsible for monitoring their activities.

Contact Sunland Specialty Insurance Group LLC (SSIG) to discuss your needs with one of our qualified Agents.