Financial Institution Bonds - 4th Edition - Michael Keeley

Financial Institution Bonds 4th Edition Michael Keeley ISBN 9781634256902

The Fourth Edition of Financial Institution Bonds is the most current and comprehensive desk reference available for the fidelity industry. Frequently cited by courts more than any other source on the subject, this authoritative volume provides a rigorous and scholarly analysis of the Financial Institution Bond, Standard Form No. 24, along with an examination of the leading cases interpreting its provisions. The contributing authors are among the foremost experts in fidelity law and practice.

Since the publication of the Third Edition in 2008, there have been substantial developments in case law interpreting and applying financial institution bonds, including both standard and manuscript policy forms. This edition fully incorporates those developments and introduces new chapters addressing one of today’s most significant and evolving areas—electronic crime claims, including computer fraud and social engineering, as well as the related coverage forms. Each key provision of the Standard Form Financial Institution Bond is examined in detail.

All chapters have been thoroughly updated with recent cases and citations. In many instances, citations to seminal older cases and unpublished articles have been preserved and are available upon request. The book traces the historical origins and evolution of the standard-form financial institution bond and its predecessor forms, and provides in-depth legal analysis and commentary on each insuring agreement, as well as the principal exclusions and conditions to coverage. It also addresses foundational legal concepts such as loss and causation, and explores the claims process and litigation strategy from both the insured’s and insurer’s perspectives.

Topics covered include:

• Background and essential terms

• Employee dishonesty and the manifest intent requirement

• Defining a covered “employee” under the Financial Institution Bond

• Causation and the meaning of “direct loss”

• Discovery of loss as a contractual condition precedent

• Forgery and alteration coverage

• The loan exclusion

• Income, principal, and other key exclusions

• Principles of contract interpretation, including contra proferentem and reasonable expectations, and their application to Financial Institution Bonds

• The roles of the Surety & Fidelity Association of America (SFAA) and ISO, and the purpose of industry standard forms

• Litigation strategies from the insurer’s perspective, and more

For ease of reference, the book includes appendices containing both current and predecessor bond forms. As in prior editions, a comprehensive Master Appendix of standard and historical bond forms appears at the conclusion of the volume.

Financial Institution Bonds 4th Edition Michael Keeley ISBN 9781634256902, 978-1634256902 & 9781634256919

Editor
Michael Keeley