City had fidelity bond on Crundwell
DIXON – It may be a tiny drop in a very big bucket, but the city may collect $150,000 through a fidelity bond and other insurance it had on its comptroller.
The fidelity bond was for $50,000, and the city may get $100,000 more through the Illinois Municipal League Risk Management Association, a nonprofit insurance carrier, Mayor Jim Burke said Wednesday.
A fidelity bond is insurance an employer buys to protect itself against losses such as embezzlement or employee theft that are not generally covered under normal theft or burglary policies.
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