The Hull Truth - Boating and Fishing Forum - View Single Post - Question for insurance bonding experts.
View Single Post
Old 09-05-2015, 03:20 PM
  #10  
Schmaltz~Herring
Senior MemberCaptains Club Member
THT sponsor
 
Schmaltz~Herring's Avatar
 
Join Date: May 2002
Location: Cruising Lake Titikacka On My 18' Bayliner Element With 60 HP Optimax's
Posts: 17,596
Received 1,028 Likes on 511 Posts
Default

Originally Posted by Shag View Post
You are generally correct regarding bonds but a dishonesty bond is handled like regular insurance. If they file a claim, they will have to show proof as with any other claim, the insurance company will investigate with their own forensic accountant, and they will pay whatever amount is proven subject to policy conditions and limits.

This sounds like Directors & Officers rather than a performance issue.

Directors & Officers Liability

Coverage for defense costs and damages (awards and settlements) arising out of wrongful act allegations and lawsuits brought against an organizations board of directors and/or officers.