What is the difference between a faithful performance of duty bond and a fidelity bond?
A faithful performance of duty bond covers any loss the organization or a member of the public suffers because the employee failed to faithfully perform his or her duty. In other words, the faithful performance of duty bond will protect the organization against losses caused either by dishonesty or by other types of employee malfeasance besides dishonesty. Faithful performance of duty bonds are designed to cover those in positions of trust, frequently designated as such in the Code of Virginia.
Related Questions
- Can an agency file a claim under the faithful performance of duty bond for a loss occasioned by the simple negligence of an employee?
- What is the difference between a faithful performance of duty bond and a fidelity bond?
- What does a faithful performance of duty bond cover that a fidelity bond does not?
