Greater Acadiana Region 4
BONDS AND CRIME PROGRAM

The State of Louisiana has a self-insurance plan administered by the Office of Risk Management. The property, including all lands, buildings, automobiles, and equipment, is assessed and values assigned by this state office. Insurance coverage, including fire, casualty, and liability, is based on the property value as determined by the Office of Risk Management. LTC--Greater Acadiana Region 4 requests the funds for insurance coverage in our annual budget request. This amount is paid to the Office of Risk Management. If a loss is suffered by any state agency, replacement is made from this fund. A “blanket bond” provided by the Office of Risk Management protects the college from losses by employee theft or negligence with funds.

The program is updated annually and whenever laws or requirements have been changed.

The Bonds/Crime Loss Control Program has been developed to protect the Louisiana Community and Technical College System from financial and/or property losses resulting from any act and/or omission by any employee in the performance of his/her respective duties.

The purpose of the Bonds/Crime Comprehensive Loss Control Program is to:

• Assign responsibility for developing and managing fiscal controls in the Louisiana Community and Technical College System.
• Establish each individual’s accountability for the performance of his/her duties in compliance with the agency’s internal fiscal control program.
• Reduce the System’s exposure and losses and to safeguard its assets.
• Maintain the public’s confidence in the officials’, appointees’ and employees’ ability to conduct the System’s business in an honest and professional manner.
• Protect assets against robbery and safe robbery.

Bonds and Crime Coverage

Fidelity Bonds: (Mandatory)

The employees’ Faithful Performance Blanket Bond covers loss sustained by insured because of dishonest or fraudulent acts of employees. “Faithful Performance” provides coverage for loss caused by failure of employee to perform duties faithfully. This bond is required by the Legislative Auditor. There is a $250 deductible for this coverage. Coverage is provided against loss through forgery or alteration of checks drawn by the insured.

Property Manager Bond: (Mandatory)

This bond covers dishonest or fraudulent acts or failure to perform duties faithfully, in connection with the handling and control of the System’s property, resulting in loss to insured. This bond is required by revised statues. There is a $250 deductible for this coverage. This exposure is covered by Fidelity Bonds above.

Notary Bond: (Mandatory)

This bond guarantees that a notary public will comply with applicable law and regulations. This bond is required by revised statute.

Postal Bond: (Mandatory)

This bond guarantees that a post office contract, branch, or station located at a university or college shall faithfully discharge all duties required under rules and regulations of the U.S. Post Office Department. It must account for delivery, and pay over monies, mail matters, and other properties that come in its possession to the proper post office official. There is no deductible for this coverage. This exposure is covered by Fidelity Bonds above.

Public Official Bond: (Mandatory)

Such a bond is required by law for persons elected or appointed to fill positions of trust. It protects against dishonest and fraudulent acts as well as a persons’ failure to perform duties required.

Crime - Inside and Outside Premises; Money and Securities: Depositors, Forgery (Usually Secured by Combination Crime Policy): (Mandatory)

This policy covers all perils except those that are excluded by the policy on money and securities within premises and outside premises while conveyed by messenger. Property other than money and securities are insured against robbery (not theft) or safe burglary. Coverage is provided against loss through forgery or alteration of checks drawn by insured.