Blanket Employees Dishonesty Bond for the Department of Financial Institutions

The Wisconsin Blanket Employees Dishonesty Bond for the Department of Financial Institutions is a specialized insurance contract designed to provide comprehensive financial protection against employee misconduct. The vehicle covers fidelity and surety bond services, specifically focusing on employee dishonesty insurance for state financial institutions. It encompasses multiple UNSPSC categories including surety bonds, commercial surety bonds, contract surety bonds, and fidelity guarantee insurance, offering critical risk management coverage for government entities.

The contract is administered by the Wisconsin Department of Administration and was awarded to Schwarz Insurance, with Hanover Insurance Company as the primary insurer. The current contract term spans from July 1, 2017, through July 1, 2020, providing $1 million per occurrence of employee dishonesty coverage with a $5,000 deductible. The contract covers 35 Class 1 employees who handle money daily and 106.54 Class 2 employees who handle money occasionally, with a total upfront premium of $2,858 for the three-year period. This state-wide vehicle is specifically scoped to Wisconsin government agencies and financial institutions, offering a standardized approach to mitigating potential financial risks from employee fraud or misconduct.