N.Y. Comp. Codes R. & Regs. Tit. 9 §§ 1630-4.7

Current through Register Vol. 46, No. 36, September 4, 2024

Section 1630-4.7 - Fidelity bond

(a) At end of development period, authority shall, whenever possible, replace schedule bond form with blanket form for more complete protection and to obviate necessity for adding and/or deleting positions.

(b) A nominal amount shall be designated for exposures arising during normal operations with excess coverage carried on those occupying check signing positions so that total coverage on check signers compares approximately with amounts recommended in booklet entitled How Much Honesty Insurance published by Surety Association of America.