I Present to You the Financial Institution Fraud-Bond!

Confusion reigns!

I am hereby changing the name of a very confusing bank insurance policy.

From now on, the bank bond will be known as “The Financial Institution Fraud-Bond.”

I have never heard the bond called a “fraud-bond.”  It’s my invention and contribution to the insurance world.  The word “bond” is archaic in this usage.  It only leads to confusion on the part of insurance buyers.  The policy is designed to address issues of fraud against the bank.  Let’s add a descriptor. 

Financial Institution Fraud-Bond – Think fraud and deceit.  The policy covers losses to bank assets by the dishonest acts of employees and outsiders. Embezzlement, funds transfer fraud, robbery, counterfeiting, computer hackers.  If the incident involves fraud, look to the fraud-bond.