ASA Central Network

  • 1.  Contracted Insurance Requirements

    Posted 08-18-2020 11:17
    Good morning,

    I have recently received Staffing Agreements with higher Insurance requirements and one in particular is requiring a $3m blanket bond.  Has anyone else experienced this?  My agent has contacted their carriers and any of the carriers are saying they need to be specific.  Has anyone else had to sign a contract for a blanket bond???

    I truly appreciate your feedback.  ​

    Voni Walker CSP
    Walker Business and Staffing Services Inc.
    Wellsville NY
    (585) 593-6129
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  • 2.  RE: Contracted Insurance Requirements

    Posted 08-19-2020 09:14
    Hi Voni,
    ​Your client is most likely referring to Fidelity Bond which is essentially crime coverage protecting your client's balance sheet from employee dishonesty.  The language does sound vague so you should clarify.  If you carry crime coverage / employee dishonesty you may be able to meet the requirement by demonstrating that your coverage includes theft of client's property.    You may need to increase your limits to meet this client's requirements.  Some insurance carriers will allow you to increase your crime limit on a client specific basis.

    I hope this helps

    Stewart Storms
    Area Senior Vice President
    Arthur J. Gallagher & Co.
    Jericho NY
    (516) 622-2407

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