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Ther are two Types of Dishonesty Bonds:
Form A Bond is a standard fidelity bond. It is desgined to cover professional offices such as attorneys, accountants, phsicians, dentists, realtors, engineers, This type of bond can also be used to cover officers for non profit organizations.
Form B Bond provide employee fidelity coverage for buisnesses with more coveage.This form of bond is used for buinesses such as cafes, resturants, other retail shops and businesses. This type of bond is also used to cover non-profit organizations when the employees of the organization are to be covered along with the officers.
Reasons for Buying a Dishonesty Bond:
- A landlord employs a resident manager who, among other duties, collects the Rent To safeguard these funds during the collection process, the landlord purchases a fidelity bond on the resident manager.
- A bank might, for example, insure itself against losses< deliberately or negligently caused by their officers and staff through the execution of a fidelity bond. If such losses occur, the amount of the bond is forfeited to reimburse the losses.
- Cleaning Service individuals or companies need this type of Dishonesty, Business service bond in case they were accused of steeling and missing valuable items from there clients place of residence or business while they performing there work.
- The owner of the business purchasing the bond may be included in the coverage. This bond is therefore ideal for pet sitting, home sitting, dog walking, maintance worker, janitorial worker, or almost any in home service.
- Blanket bond (applying to all employees) or for each employee on an individual basis such as for a non-profit organization. Some businesses such as, brokerages, cash carriers, messenger services, courier services, in home care providers or other in home services also obtain these bonds for the security of their clients.
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