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Blanket Bond

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Blanket Bond
A bond or insurance policy covering a company in the event it loses money as the result of employee theft or fraud. It is important to note that blanket bonds generally only cover situations in which an employee commits fraud for personal gain; it does not cover situations in which the employee (without support or knowledge of management) falsifies trading so that it makes the company appear healthier that it is. The Federal Bonding Program, which is run through the Department of Labor, insures or guarantees the insurance of ex-offenders whose employment adds significant risk of theft or fraud. See also: Bonding, Operational risk.

blanket bond


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This is available in three formats: individual bonds, schedule bonds and blanket bonds.
Included in the acquisition is $55,000 worth ($500,000 initial value) of equipment, a CD used to secure the blanket bond valued at $28,000, a contract to sell oil to Ergon (http://www.
FNB recorded a fraud loss of $250,000 for the quarter ended June 30, 2005, which represents the deductible amount under FNB's blanket bond policy.
 
 
 
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