COVERAGES OF THIS POLICY REQUIRE THAT:
1. You agree to make/or cause to be made, at least annually, an audit of your books and accounts, including complete verification of all securities and bank balances pertaining to each “employee and/ or volunteer”. If the above is not complied with, the Insurance Company will refuse to honor claim of missing funds which cannot be proven by records. Monthly audits and reconciliation of bank statements may avoid this denial of claim.
2. The Insurance Company will not pay for loss resulting from any unauthorized advances made by an “employee” to any member for delinquent dues and assessments.
3. “Employee” means any duly elected position, or any appointed officer as listed in the policy schedule.
4. POST MUST SUBMIT A PROOF OF LOSS FORM WITHIN 120 DAYS FROM THE FIRST DATE OF DISCOVERY OF
THE LOSS. Proof of loss resulting from dishonest acts on the part of the bonded officer is required in settlement of claims.
THIS POLICY IS ONLY FOR THE YEAR SEPTEMBER 1, 2023 TO AUGUST 31, 2024.
The funds of your Post are protected only for that year. Premium for the following year will be due September 1, 2024.