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Washington State Bonding Program. Fidelity Bonding. What is Fidelity Bonding?. It is an insurance to protect employers against employee dishonesty. Fidelity Bonding and why is it needed?.

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Presentation Transcript
what is fidelity bonding
What is Fidelity Bonding?

It is an insurance to protect employers against employee dishonesty.

fidelity bonding and why is it needed
Fidelity Bonding and why is it needed?
  • To restore confidence in employers who view ex-offenders and other at-risk job seekers as potentially untrustworthy workers and thereby deny them employment
  • To provide insurance for at-risk job seekers that other insurance companies will not insure
  • It’s an incentive to the employer to hire an at risk job applicant
  • It’s a unique tool for marketing applicants to employers
fidelity bonding and what it does cover
Fidelity Bonding and what it does cover.
  • Employer loss due to worker dishonesty on the job
  • Any type of stealing: theft, forgery, larceny, embezzlement
fidelity bonding and what it does not cover
Fidelity Bonding and what it does NOT cover.
  • Liability due to poor workmanship, job injuries, work accidents, etc.
  • Bail bonds or court bonds needed in adjudication
  • Bonding needed for self-employment
who is eligible for bonding any at risk job applicant including
Who is eligible for Bonding?Any at-risk job applicant including:
  • Ex-Offenders
  • Recovering substance abusers (alcohol & drugs)
  • Welfare recipients
  • Individuals with poor credit history
  • Dishonorably discharged veterans
continued from previous page
Continued from previous page.
  • Economically disadvantaged persons who lack a work history
  • Anyone who cannot get a job without being bonded
  • Anyone already employed but needs bonding in order to:

(1) prevent being laid off or (2) secure a transfer or promotion

who is not eligible for bonding
Who is NOT eligible for Bonding?
  • Individuals bondable through commercial carriers
  • Individuals who have defaulted on a previous fidelity bond
  • Individuals who are self-employed
  • Individuals who are not of legal working age (Eligibility age is 16 years old in Washington State)
how are bonds issued
How are bonds issued?
  • Bonds are issued in increments of $ 5,000 up to $ 25,000
  • In most cases a $ 5,000 bond is sufficient
  • Bonds in the amount of $ 10,000 up to $ 25,000 have to be justified
  • Bond amounts are based on how much potential loss an employer could incur
how do bonds work
How do Bonds work?
  • Bonds can be issued as soon as the employee has a hire date
  • The coverage for the bond is for a period of 6 months
  • Bonds are self terminating after 6 months
  • There is no deductable and the employer gets 100% insurance coverage
  • The bond is at no cost to the employer or employee
  • No papers need to be signed by the employer or applicant
  • After the bond expires continued coverage can be purchased by the employer contacting the Washington State Bonding Coordinator
bonding process
Bonding process

Agency staff or Employer will:

  • Screen for client eligibility
  • Negotiate amount of bonding
  • Complete “Washington State Bonding Certification Form” and fax to State Bonding Coordinator

State Bonding Coordinator will:

  • Determine eligibility
  • Complete the form and mail to Washington DC
  • Send confirmation letter to agency and employer
  • Provide technical assistance and training
references
References
  • The McLaughlin Company, The Federal

Bonding Program, A US Department

of Labor Initiative. Retrieved 7/31/09

from http://www.bonds4jobs.com/

washington state bonding contact information

Washington State Bonding ContactInformation

Washington State Bonding Coordinator

Employment Security Department

Offender Employment Services

Attn.: Candee Bellamy

PO Box 9046

Olympia, WA 98507-9046

[email protected]

www.wa.gov/esd/oes

Phone: 360-902-9685

Toll Free: 800-339-3981

Fax: 360-902-9662

back up contact
Back up contact
  • Attn.: Tami Wallace
  • PO Box 9046
  • Olympia, WA 98507-9046
  • [email protected]
  • www.wa.gov/esd/oes
  • Phone: 360-902-9695
  • Toll Free: 1-800-339-3981
  • Fax: 360-902-9662
wrap up page
Wrap-Up Page

Questions and Answers

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