What is the federal bonding program?
It is a unique tool to help a job applicant get and keep a job. The program issues fidelity bonds, and is sponsored by the U.S. Department of Labor. What is a fidelity bond? It is a business insurance policy that protects the employer in case of any loss of money or property due to employee dishonesty. The fidelity bonds issued under the Federal Bonding Program are insurance policies of the Travelers Property Casualty insurance company. What exactly does the bond cover? It insures the employer for any type of theft, forgery, larceny or embezzlement. It does not cover liability due to poor workmanship, job injuries, or work accidents. Are all the PREF residents eligible to be bonded upon release? Yes. Bonds may be issued for ex-residents to any employer who makes federal tax deductions from employee wages, for employment positions of 30 hours per week or more. (Persons who become self employed cannot be bonded through this program.) Since many employers buy fidelity bond insurance to pr
