Fidelity bond

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Definition

Type of insurance bought by an employer to protect against losses (such as embezzlement or theft by employees) that are not generally covered under normal theft or burglary policies. It may either be a blanket bond (applying to all employees) or for each employee on an individual basis. The insurance company may set certain guidelines to be followed in the insured firm's hiring practices, and the protection continues only so long as the duties of the covered employees remain the same (unless arranged otherwise). Some businesses such as brokerages, cash carriers, and security firms are required by law to obtain fidelity bonds. Also called fidelity guaranty or fidelity insurance.

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