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Fidelity Bond Insurance
Why do I need fidelity bond insurance? That’s a common question we get from business owners. They do not believe that their business will have an incident related to employee dishonesty. However, employee fraud is more common than you might think. According to the Association of Certified Fraud Examiners (ACFE), fraud and embezzlement account for losses to the tune of $400 billion per year. This is nearly 6% of total annual revenue. For small companies, theft and fraud can prove to be a major setback, as they can’t afford extensive safeguards and aren’t large enough to absorb losses.
Fidelity bond insurance protects the employer from financial loss in the event of fraudulent activities of an employee or group of employees. The loss could typically be from theft of money, securities or other property of the employer. In addition, employers are protected from covered losses due to burglary and destruction. Apart from covering employee thefts, robbery and safe burglaries, fidelity bond insurance coverage can also protect against forgery or alteration, funds transfer fraud, computer fraud, and credit card fraud.
However, fidelity bond insurance does not cover the following - liability that arises from poor workmanship, injuries during the job or at the work place, bail bonds or court bonds for the legal system, contract bonds, performance bonds, or license bonds for the self-employed, and money order and counterfeit fraud.
Many a times when a client decides to do business with you, they want to know that you are covered by fidelity bond insurance, mitigating any losses they might incur as a result of dishonesty on the part of your employees. This policy instills confidence in the client so that he can conduct business with you comfortably. So, fidelity bond insurance provides you with dual benefits – it protects your business AND it helps to gain the confidence of your clients. |
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November 10th, CAI-OC Luncheon
11:00 am, Irvine Marriot
Who to look for? Michael Berg, Kimberly Lilley & Marianne Pick
November 12th, CAI-GLAC Casino Night
6:00 pm, Sportsmen's Lodge Studio City
Who to look for? - Kimberly Lilley
November 16th, CAI-GLAC Luncheon
11:30 am - Skirball Center Los Angeles
Who to look for? Kimberly Lilley
November 17th, CAI-GRIE Luncheon
11:00 am, DoubleTree Ontario
Who to look for? Marianne Pick
December 2nd, CAI-GLAC Holiday Happy Hour
4:00 pm, Bel Air Crest Country Club
Who to look for? Kimberly Lilley
December 6th, CAI-OC Holiday Toy Drive
5:30 pm, Andrei's Irvine
Who to look for? Michael Berg
December 8th, CAI-GRIE TOPS Breakfast
8:15 am, Riverside Convention Center
Who to look for? Kimberly Lilley & Marianne Pick
December 9th, CAI-SD Awards Luncheon
11:00 am, DoubleTree Mission Valley
Who to look for? Kimberly Lilley & Bridgette Tabor
December 14th, CAI-GLAC Luncheon
11:30 pm, Skirball Center Los Angeles
Who to look for? Kimberly Lilley
December 15th, CAI-OC Luncheon
11:00 am, Irvine Marriott
Who to look for? Michael Berg, Marianne Pick & Kimberly Lilley
BERG PHOTO GALLERY
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Common Interest Developments
There has been some discussion of revised Fannie Mae guidelines with respect to community associations. This discussion has brought confusion, and I hope to provide some clarity to the issue.
Fannie Mae presented Announcement 08-34 on December 16, 2008 titled “Project Eligibility Review Service and Changes to Condominium and Cooperative Project Policies.” Among the many items included in this Announcement are general policy changes regarding project eligibility requirements, and condominium association project insurance clarifications. More…
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