What does a Named Schedule Bond provide coverage for?

A Named Schedule Bond provides coverage specifically for the persons who are listed or scheduled on the bond. This type of bond is designed to protect an employer against losses caused by the dishonest acts of those individuals who are explicitly named in the bond document. Since it offers tailored coverage for only the scheduled individuals, it allows businesses to manage risks associated with specific employees or agents who may handle finances or have access to sensitive information.

In contrast, the other options refer to broader categories of coverage. The bond does not extend to all employees, as it only covers individuals specifically named in the agreement. Additionally, it does not provide coverage for any contractor working on projects, as contractors would typically require their own bonding or insurance separate from employee-related bonds. Finally, it does not relate to coverage for all property owned by the company; instead, it focuses on the fidelity and integrity of the individuals listed. This specificity in coverage is what makes the Named Schedule Bond a unique risk management tool for organizations.