Fidelity Bond
A fidelity bond is a form of insurance protection that covers policyholders from losses that they incur as a result of fraudulent acts by specific individuals. Fidelity bond usually insures a business against the dishonest or fraudulent acts of its employees.
While called bonds, these obligations are really insurance policies. These policies protect businesses from losses of company monies, securities, and other property from employees who have a manifest intent to cause the company loss. There are also many other forms of crime-insurance policies (burglary, fire, general theft, computer theft, disappearance, fraud, forgery, etc.) to protect company assets. However, it is important to note that these bonds are generally only pay out when a conviction is handed down.
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