Safety & Loss Prevention

Risk Management Policy and Procedure Manual

Part 6 Crime Risk Management

Subject: Postal Surety Bonds

  1. Purpose:

    This section is designed to inform the campus risk managers and business personnel about the availability and purpose of postal bond insurance. This section applies only to those campuses which have US Postal Service (USPS) operations.

  2. Background:

    Any campus within the UW System which has contracted with the USPS to provide postal services to the public is required by the USPS to be bonded for those operations. The bond is simply a guarantee from the insurer to the post office that any failure in the performance of the contract will be paid for by the insurer. This includes things like loss or theft of USPS property, stamps, or money.

  3. Coverage Description:

    Policy Type Surety Bond
    Policy No. 303 41 147
    Insurer Fidelity and Deposit Company of Maryland
    Agent AON Risk Services
    Principals UW-Eau Claire, UW-Stevens Point, UW-Madison, UW-Superior, and UW-Oshkosh
    Limit $3,000-$10,000 per location
    Deductible None
    Premium Amount $250.00
    Policy Dates 7/18/02 - 7/18/05

  4. Procedures:

    To obtain this type of coverage for postal operations as required, the campus simply needs to complete an application which is available through the UW System Risk Management Office. The campuses are encouraged to purchase this coverage under the System blanket policy for a cost savings and to simplify procedures.

    Any claims that arise from the USPS should be directed to the UW System Risk Management Office where investigation and settlement will be determined through the broker and insurer.

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Revised 3/5/03