THIS BOND APPLICATION MAY ONLY BE USED FOR POST OFFICER BONDS. CLUB/CANTEEN MANAGERS, BINGO CHAIRMAN, AND OTHER INDIVIDUALS BEING BONDED MUST USE THE CLUB MANAGER BONDING FORM!

PLEASE READ CAREFULLY BEFORE SUBMITTING

Section 703 of our National ByLaws requires that each accountable officer shall be bonded with an Indemnity Company as surety and the BLaws places the responsibility for adequate bonding upon the Commander of the post. In any business it is customary to bond any officer handling funds. THE BOOKS AND RECORDS OF THE ACCOUNTABLE OFFICERMUST BE AUDITED AT LEAST QUARTERLY BY THE TRUSTEES. THIS IS TO COMPLY WITH SECTION 218 OF THE NATIONAL MANUAL OF PROCEDURES.

The Department Headquarters carries a Crime Policyfor the bonding of Department and Post Accountable Officers. This Policyruns for a year from September 1 to August 31 premium payments are made on that basis. Coverage for all accountable officers expireon August 31 and premium for the New Yearis due on September 1.

Any unit may decide whether it prefers to take out a Policy with some other surety company or have its funds protected by the Department Headquarters Crime Policy. But the matter should be given prompt attention because if your Accountable Officer had previously been covered through the National Headquarters, a new premium payment is required by September 1, 2024 and delinquent after this date.

IF THE POLICY IS NOT RENEWED, TERMINATED, OR CANCELLED AT EXPIRATION DATE OF 9-1-2024, THE POST HAS ONLY 90 DAYS TO SUBMIT A PROOF OF LOSS FOR PRIOR TERM. AFTER 90 DAYS PRIOR COVERAGE CEASES.

COVERAGES OF THE 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 InsuranceCompany 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 InsuranceCompany 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 officeras 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, 2024 TO AUGUST 31, 2025.

The funds of your Post are protected only for that year. Premium for the following year will be due September 1, 2025.