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Rhode Island bonds

Rhode Island — ERISA Bond

Choose fidelity protection for your employee benefit plan through this Rhode Island ERISA bond listing. Select a one-year or three-year term and continue to RLI to apply.

Also known as Rhode Island ERISA Bond (1 Year); Rhode Island ERISA Bond (3 Years); Rhode Island ERISA Bonds

2 options on record. Choose the one that matches your requirement, then purchase.

How a fidelity bond works

Fidelity protection responds to covered dishonest acts. The form identifies whose money or property is protected, the covered persons, and the applicable limits.

Bond family
Fidelity bond
Recorded state
Rhode Island
Category
Fidelity & employee dishonesty
Federal programme authority
United States Department of Labor, Employee Benefits Security Administration

What this bond does

The bond protects plan assets against covered losses from fraud or dishonesty in handling plan funds or property.

Who needs it
Employers and administrators arranging bonding for ERISA-covered plan asset handlers, subject to exemptions.
Who is protected
The plan is the insured party. Fiduciary liability insurance and general business liability protection address different risks.

Choose from 2 options

Each option is a separate record. Where a term, bond amount, premium, or E&O limit is known, it is listed; match it to what your requirement asks for.

The coverage amount describes a limit of protection, not the price. Match the requested protection and covered persons to the actual fidelity form. The premium is what you pay and must be confirmed for the actual option. An E&O limit, where listed, is separate errors and omissions insurance.

Set the amount independently of the period

The 12-month and 36-month RLI choices state duration without amounts. Have your adviser determine the required sum from the handling activities and plan circumstances.

ERISA bonding rules are federal. The Rhode Island association creates no separate state requirement. Confirm the insured plan and effective dates in the selected application before completing it.

Sources

Have these ready

  1. Gather the exact plan identity.
  2. Locate existing bond documents.
  3. List people handling or controlling assets.
  4. Prepare preceding-year funds-handled information.
  5. Confirm the amount and any exemption.
  6. Coordinate the term and start date.

Questions about this bond

Must the plan be identified as insured?

Yes. It must be named or otherwise specifically identified as an insured party.

Does a longer term guarantee enough coverage?

The term alone does not establish adequacy. Review the amount and protection as plan circumstances change.

Can fiduciary liability insurance satisfy bonding?

No. It does not satisfy ERISA's fidelity bonding requirement.

How does the application handoff work?

Purchase Now opens RLI in a new tab. After completing its process and receiving the bond, check and retain the document with plan records.

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How can we help you get started?

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