Fidelity Bond – a bond in the form of an insurance contract which indemnifies an employer or business for loss due to embezzlement, larceny, or gross negligence by an employee or other person holding a position of trust

fidelity bond:
(1902)

1. A bond to indemnify an employer or business for loss due to embezzlement, larceny, or gross negligence by an employee or other person holding a position of trust. — aka blanket bond; fidelity guarantee; fidelity-guarantee insurance. [1]

1. A bond conditioned upon payment of loss resulting from embezzlement by an officer or employee, usually construed as an insurance contract, notwithstanding it is nominally in the form of a contract of suretyship.
     See fidelity guaranty insurance. [2]

1. A bond in the form of an insurance contract which indemnifies against loss resulting from embezzlement or other misuse of funds by an officer or an employee.
     See indemnification.
     Also see fidelity and guaranty insurance. [3]

References:

Disclaimer: All material throughout this website is compiled in accordance with Fair Use.

[1]: Black’s Law Dictionary Deluxe Tenth Edition by Henry Campbell Black & Editor in Chief Bryan A. Garner. ISBN: 978-0-314-62130-6

[2]: Ballantine’s Law Dictionary with Pronunciations
Third Edition
 by James A. Ballantine (James Arthur 1871-1949).  Edited by William S. Anderson.  © 1969 by THE LAWYER’S CO-OPERATIVE PUBLISHING COMPANY.  Library of Congress Catalog Card No. 68-30931

[3]: Ballantine’s Law Dictionary Legal Assistant Edition
by Jack Ballantine 
(James Arthur 1871-1949).  Doctored by Jack G. Handler, J.D. © 1994 Delmar by Thomson Learning.  ISBN 0-8273-4874-6.

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