Employee Dishonesty Bond with Faithful Performance of Duty for the Office of the State Treasurer

The Wisconsin Employee Dishonesty Bond with Faithful Performance of Duty contract provides comprehensive insurance coverage for the Office of the State Treasurer, focusing on protecting the state against potential financial losses resulting from employee misconduct. The vehicle covers multiple types of surety and fidelity bonds, including employee dishonesty, commercial surety, contract surety, and fidelity guarantee insurance. Specifically designed to mitigate risks associated with money-handling employees, the contract offers $100,000 in coverage with a $1,000 deductible, addressing potential financial vulnerabilities within the state treasurer's administrative operations.

The contract is administered by the Wisconsin Department of Administration and was awarded to Schwarz Insurance, with Hanover Insurance Company serving as the insuring entity. Executed on December 19, 2016, the contract has a three-year performance period from January 1, 2017, through January 1, 2020, with an annual premium of $260. The bond covers employees in different classification levels based on their money-handling responsibilities, with initial coverage for one Class 1 employee who handles money daily. The contract is grounded in Wisconsin Statutes sections 14.60 and 19.11, providing a legal framework for financial protection and governmental risk management.