Posted by NCLisa on 11/10/07 7:31am
Msg #220614

Provident Funding and their insurance requirments.

Provident is NOT asking for Notary E&O Insurance in the amount of $500,000 per occurrence. They ARE asking for Errors & Omissions Liability Coverage (Professional Liability Coverage) or Fidelity Insurance in the amount of $500,000 per occurrence. There is a HUGE difference between Notary E&O Insurance and what Provident Funding is asking for.

"What is Fidelity Insurance?
Fidelity insurance protects organizations from loss of money, securities, or inventory resulting from crime. Common Fidelity claims allege employee dishonesty, embezzlement, forgery, robbery, safe burglary, computer fraud, wire transfer fraud, counterfeiting, and other criminal acts.

These schemes involve every possible angle, taking advantage of any potential weakness in your company’s financial controls. From fictitious employees, dummy accounts payable, non-existent suppliers to outright theft of money, securities and property. Fraud and embezzlement in the workplace is on the rise, occurring in even the best work environments.

Liabilities covered by crime insurance usually fall into two categories, although many polices combine both types of coverage:

money and security coverage pays for money and securities taken by burglary, robbery, theft, disappearance and destruction.
employee dishonesty coverage pays for losses caused by most dishonest acts of your employees, such as embezzlement and theft"