The Legal Corner: Banker's Fidelity Bond Did Not Cover Losses Because It Terminated Due to Earlier Employee Dishonesty
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An effort by the National Credit Union Administration Board to recover $5 million against Cumis Insurance Society Inc. based on a fidelity bond covering employees and directors failed because, by its terms, the bond terminated before the defalcations occurred.
Author: Michael L. Weissman
RMA Journal Article. May 2017 Issue.
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Item Details
| Publication Date: | 05/01/2017 |
|---|---|
| Author: | Michael L. Weissman |
| Summary: | An effort by the National Credit Union Administration Board to recover $5 million against Cumis Insurance Society Inc. based on a fidelity bond covering employees and directors failed because, by its terms, the bond terminated before the defalcations occurred. |