Federal Bonding Program

Federal Bonding Program

A program of the U.S. Department of Labor issuing bonds to insure or guarantee the insurance of ex-offenders. Bonding is the process of acquiring insurance against employee theft or malfeasance, and is required in some jobs in which the employee handles a large amount of money. The Federal Bonding Program assists in the rehabilitation of ex-offenders by providing this insurance if a potential employee has too high a risk to be commercially insured. It was established in 1966.
References in periodicals archive ?
Another way to reduce barriers for the justice-involved is to encourage companies to access federal money offered to companies willing to hire justice-involved employees, such as the Work Opportunity Tax Credit or the Federal Bonding Program. Many companies do not take advantage of these federal funds because they either do not know the money is available or they are put off by the application process.
Employers may also receive up to $10,000 of insurance for an ex-offender under the federal bonding program.
The Federal Bonding Program offers coverage for "hard to place" applicants such as ex-offenders who are ineligible for fidelity bonding through regular commercial insurance carriers.

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