write a Financial Institution Bond?

[Blake]

Will Worldwide Insurance write a Financial Institution Bond? I have a mortgage banker asking for a mortgage banker bond. I believe this is one in the same.

[surety]

Yes, we have markets for Financial Institution Bonds

[Question]

Can anyone explain exactly what a Financial Institution Bond does ?

[Fidelity Bond Information]

Originally Posted by Question

Can anyone explain exactly what a Financial Institution Bond does ?

A Financial Institution Bond is similar to a fidelity bond, however the financial instituin bond will normally have broader coverage. Financial institution bond may be purchased by a bank or small loan company (mortgage banker), insurance company or an investment company. The following is an example of optional coverages that may be added to a mortgage bankers financial institution bond.

• Unauthorized signature or alteration
• Securities
• Automated teller machines
• Kidnap, ransom and extortion
• Computer system (fraudulent entry or alteration)
• Voice initiated transfer fraud
• Telefacsimile transfer fraud
• Safe deposit box
• Servicing contractors

Please see our website for applications and additional information.