blanket bond

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

References in periodicals archive ?
Multi-Corp" or the "Company") an emerging Exploration and Production Company that is actively acquiring and developing oil and gas assets in North America is pleased to announce, that they have successful completed the process for the posting of the blanket bond with the State of New Mexico.
Twenty years ago, the insurance industry could offer products such as the bankers blanket bond, the stockbrokers blanket bond, the mortgage bankers blanket bond and others.
Multi-Corp is able to use a blanket Bond for all wells on the state property.
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.
This meeting also provided the orientation necessary for Multi-Corp to function as an oil company operating in the State of New Mexico, as well, Multi-Corp is able to use a blanket Bond for all wells on the state property.
The Company has in place a Depository Institutions Blanket Bond that insures MetaBank for "[l]oss resulting directly from dishonest or fraudulent acts of an Employee committed alone or in collusion with others.
Dept of Interior & Bureau of Indian Affairs on August 4th 2005, as well as, the State Multi-Well Blanket Bond by the Montana Board of Oil & Gas Conservation on September 26th 2005.
The bill also provides that the bond will be a blanket bond in the minimum amount of $1 million, and deposited with the Attorney General.
Pink Sheets: NVMG) is pleased to announce the approval of their Oil & Gas Blanket Bond by the Board of Oil & Gas Conservation at the Montana Department of Natural Resources.
She also served as senior and regional claims attorney for financial institutions directors and officers coverage, Bankers' Blanket Bond, and Trust errors and omissions products in Progressive's Diversified Business Group.
In this transaction, The South Financial Group issued Rock Hill Bank & Trust 430,017 shares of TSFG common stock, plus agreed to pay a cash earnout essentially equal to 30% of the net improvement in the aggregate charge-offs and reserves in the entire designated loan pool and 50% of net amounts recovered under RHBT Financial's blanket bond insurance policy with respect to such loans.
The new entity will continue Octavian Non Marine Syndicate 702's focus on its specialist lines of Professional Indemnity Insurance, Directors and Officers Liability, Bankers' Blanket Bond and other related financial insurance lines.