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Washington State Bonding Program

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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Washington State Bonding Program

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  1. Washington State Bonding Program Fidelity Bonding

  2. What is Fidelity Bonding? It is an insurance to protect employers against employee dishonesty.

  3. 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

  4. Fidelity Bonding and what it does cover. • Employer loss due to worker dishonesty on the job • Any type of stealing: theft, forgery, larceny, embezzlement

  5. 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

  6. 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

  7. 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

  8. 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)

  9. 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

  10. 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

  11. 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

  12. References • The McLaughlin Company, The Federal Bonding Program, A US Department of Labor Initiative. Retrieved 7/31/09 from http://www.bonds4jobs.com/

  13. Washington State Bonding ContactInformation Washington State Bonding Coordinator Employment Security Department Offender Employment Services Attn.: Candee Bellamy PO Box 9046 Olympia, WA 98507-9046 cbellamy@esd.wa.gov www.wa.gov/esd/oes Phone: 360-902-9685 Toll Free: 800-339-3981 Fax: 360-902-9662

  14. Back up contact • Attn.: Tami Wallace • PO Box 9046 • Olympia, WA 98507-9046 • twallace@esd.wa.gov • www.wa.gov/esd/oes • Phone: 360-902-9695 • Toll Free: 1-800-339-3981 • Fax: 360-902-9662

  15. Wrap-Up Page Questions and Answers

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