The firm said that it has acquired Broker of Record rights to certain fiduciary liability policies and fidelity bonds
previously brokered by David Walker Insurance Services (DWIS) in San Francisco.
One of the nation's premier 1031 specialists and Qualified Intermediaries, Madison Exchange adheres to the most rigorous and comprehensive standards of fiduciary security, with a $10 million fidelity bond
, a $10 million E&O policy, and guaranteed FDIC-backed protection for client funds.
337 billion in premiums for fidelity bond
While fidelity bond
coverage can mitigate financial losses suffered due to fraud, organizations must be aware that most policies require the nonprofit to establish and maintain sound accounting policies and procedures, and may refuse to pay indemnities if this requirement is not met.
ERISA Fidelity Bond
-- ERISA requires all individuals who handle plan assets/funds to be bonded to the lesser amount of 10 percent of the plan assets or $500,000.
amounts and persons; administrator and confidential employee contracts.
The latter would be covered under a fidelity bond
, but the former is questionable, at best.
FDIC, as successor to the RTC, then appealed the district court's order, and the 10th Circuit certified the following question to the Supreme Court of Kansas: "Does the failure by an insured to provide proof of loss within the time limit provided by a fidelity bond
of the type involved here justify denial of coverage under the bond without the insurer showing that it has been substantially prejudiced by the untimely proof of loss?
HOUSTON, March 18 /PRNewswire/ -- FirstCity Liquidating Trust (OTC Bulletin Board: FCFCL FCFCZ) announced today that the Trust has settled its insurance claim with Fidelity Bond
The expense loading for surety and fidelity bonds
is higher than average for the property-liability insurance industry overall and accounts for a higher proportion of the surety and fidelity bond
premium than expected losses.
Another fidelity bond
legal dispute between the NCUA and an insurance company revealed that a former manager and assistant manager were running a check-kiting scheme that led to a loss of nearly $700,000 and contributed to the involuntary liquidation of an Indiana credit union.