Who Needs Theft Guard Pro?

Theft Guard Pro is a type of fidelity bond Merchants Bonding Company created for professional businesses (like accountants, architects, physicians, dentists, insurance agents and attorneys).

It covers the employer from dishonest acts, such as theft, by employees. It does not provide coverage if the employee steals from a customer or subscriber of the service.

Are the Business Owners Covered?

No, business owners are not covered by Theft Guard Pro. In the case of a single owner, that person cannot steal from himself/herself. If there are multiple owners, this bond does not protect them from each other.

Does the Employee have to be Convicted of the Dishonest Act?

No, the Theft Guard Pro bond does not have a conviction clause, requiring a conviction before paying a claim. Affirmative proof of loss must be established.

What if the Loss from the Dishonest Act is Discovered after the Bond has Expired?

The loss must occur while the bond is in force, and be discovered within two years of the expiration date. There are other limitations in the bond relating to how long the insured has to notify Merchants Bonding Company, bring affirmative proof of loss, and file suit on the bond.

Who Needs Theft Guard Pro?

> Accountants
> Business & Professional Associations (Officers Only)
> Charitable & Religious Organizations (Officers Only)
> Computer Time Sharing Services
> Doctor Offices
> Engineering & Architectural Services
> Fraternal Orders & Social Clubs (Officers Only)
 > Insurance Agents or Brokers
> Law Offices
> Non-Profit Organizations (Officers Only)
> Public Relations Services
> Real Estate Agents, Brokers and Managers
> Veterans Associations, Boy Scouts, Girl Scouts, etc. (Officers Only)

Is there a Deductible?

There is no deductible for the Theft Guard Pro bond.

How Do I Get a Surety Bond?

Surety bonds are issued by Merchants Bonding Company (Mutual) through insurance agents. Contact your local insurance agent or use our Find an Agent tool. They will guide you through the process, informing you of what documents and information are needed by the surety (Merchants Bonding Company (Mutual)) to underwrite your bond.

What is a Surety Bond?

A surety bond is a three-party agreement that ensures the fulfillment of a commitment or contract. For instance, the surety (Merchants Bonding Company (Mutual)) may provide a surety bond to a construction company (the principal) which is required by the state (the obligee), ensuring the construction company will perform the duties as outlined in the contract. In bonding the construction company, Merchants assumes the risk should the company default or not fulfill their contract. A surety bond is different from traditional insurance in that the principal is obligated to pay back the surety company on any claims paid out.

All information provided is subject to change.