Idaho Code 59-804 – Surety Bonds — Blanket Surety Bond — Crime Insurance Terms and Conditions
Current as of: 2023 | Check for updates
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(1) Each official surety bond, blanket surety bond or suitable crime insurance policy of a public official or an employee shall be payable to the state or appropriate political subdivision, and shall be in the appropriate form as defined in section 59-802, Idaho Code. The surety bond, blanket surety bond, or suitable crime insurance shall be executed by a corporate surety company authorized to do business in this state in the amount fixed by the administrator, or by the governing body of the political subdivision.
(2) In lieu of individual bonds, the administrator or the governing body of a political subdivision may elect to provide a schedule or blanket corporate surety bond, or suitable crime insurance covering all or any group of public officials or employees whenever the premiums would be less than the aggregate of premiums chargeable under individual coverage. Any blanket or schedule bond or crime insurance provided shall contain all terms and conditions required in subsection (1) of this section or as defined in section 59-802, Idaho Code.
Terms Used In Idaho Code 59-804
- Administrator: means the administrator of the division of insurance management in the department of administration, as provided by section 67-5760, Idaho Code. See Idaho Code 59-802
- Blanket surety bond: means a schedule or blanket corporate surety covering all or any group of public officials or employees of the state or of an individual political subdivision. See Idaho Code 59-802
- Crime insurance: means insurance which indemnifies the assured public entity against losses from employee dishonesty, losses inside and outside the premises, losses from money orders and counterfeit paper currency, losses from depositors’ forgery, and/or generally assures the fidelity and faithful performance of public officials or employees holding positions of public trust. See Idaho Code 59-802
- Political subdivision: means any county, city, municipal corporation, health district, school district, irrigation district, special improvement or taxing district, or any other political subdivision or public corporation, or as currently defined in section 6-902(2), Idaho Code. See Idaho Code 59-802
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories; and the words "United States" may include the District of Columbia and territories. See Idaho Code 73-114
- Surety bond: means a bond or surety issued by a corporate surety company authorized to do business in this state in an amount fixed by the administrator or governing body of a political subdivision to an individual public official or employee, which shall be payable to the state or a political subdivision, and whenever possible, conditioned on honesty and the faithful performance of his duties during the employment or term of office and until his successor is elected or appointed and is qualified, and that he will properly account for all money and property received in his official capacity as a public official or as an employee. See Idaho Code 59-802
(3) All official bonds of employees of the state and its agencies shall be approved by the governor and shall be approved as to form and legal sufficiency by the attorney general and shall be filed with the secretary of state without cost, except that the bond of the secretary of state or a certified copy of any master, blanket or schedule bond including the secretary of state shall be filed with the state controller.
(4) All official surety bonds, blanket surety bonds, or suitable crime insurance coverage of public officials or employees of a political subdivision shall be approved by the governing body of the political subdivision. After the governing body approves the form and legal sufficiency, the bonds or policies shall be filed with the clerk or secretary of the political subdivision.