Colonial’s offices will be closing at 3 p.m. EST on Friday, May 24 and will remain closed through Memorial Day, May 27. Our offices will reopen on Tuesday, May 28 at 8 a.m. EST. Our online services will still be available during this time. Thank you for your patience.
A fidelity bond is a form of insurance protection that covers policyholders for losses they incur as a result of fraudulent acts by specified individuals. It usually insures a business for losses caused by the dishonest acts of its employees.
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ERISA Fidelity Bonds
ERISA bonds are required by the U.S. Department of Labor and protect an employee benefit plan against losses caused by acts of fraud or dishonesty. Bonds can be cost-effectively packaged with fiduciary liability insurance to also protect the plan fiduciary.
These bonds cover the company against loss caused due to employee dishonesty. These fraudulent activities can include, but are not limited to, employee theft of money, securities, or other property of the employer.
The U.S. Department of Labor requires service provider bonds to satisfy ERISA bonding regulations. These service providers include pension professionals, 3(16) service providers, investment advisors, or third party administrators (TPAs).