Zolofra Insurance
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Surety and fidelity bonds are necessary for most businesseswhether required by local or state mandates, or to provide added protection and manage your overall risk.

Whether it’s a large or small single bond, an account bond program, a franchise, association or
affinity trade group, we can meet the unique needs of your organization or business. Here are some of the surety bonds we can assist you with:

– Bid
– Performance & Payment
– Commercial Performance
– Probate
– Judicial
– License & Permit
– Financial Guarantees/Tax
– Public Official
– Lost Securities
– Miscellaneous
– Commercial Crime
– Third Party Off-premises

Crime Loss Examples
The following are some recent loss examples from a variety of types of insured, type of loss and some where loss amount exceeded limit of insurance (For confidentiality, names have been omitted).

American business loses an estimated $53 billion each year as a result of employee dishonesty.
By examining these truths that dispel the myths about Fidelity insurance you can provide a valuable service to your commercial clients. To further illustrate the need for adequate coverage and limits, the actual loss examples below show the reality of avoidable circumstances. We will be updating these examples regularly.

Insured: City of Johnson
Coverage: $100,000 Employee Theft with $1,000 deductible
Amount of Loss: $76,532.01
The insured documented missing cash and checks attributable to the principal totaling $76,532.01. The principal, City Clerk and Treasurer, was responsible for depositing all funds collected by the City Clerk’s Office. The principal would remove a check(s) from a daily deposit and reduce the day’s deposit by the withheld check amount. The principal would insert the withheld checks in a subsequent deposit and remove cash from the subsequent deposit for an amount equal to the inserted check(s).

Insured: E & R Holdings, Inc
Coverage: $10,000 Employee Theft with $2,000 deductible
Amount of Loss: Approximately $177,580.00

The scheme took place over a period of approximately 33 months and was discovered by the company’s Director of Loss Prevention while viewing a store’s CCTV system wherein he observed the company’s Internal Auditor destroying a deposit record and leaving the store with cash. The former Internal Auditor whose job function involved auditing 24 convenience store, manipulated sale numbers by entering fictitious voids, thereby reducing sales, and taking the cash difference. She kept individual voids under $500 thereby avoiding the >$500 threshold for management intervention.

Insured: ATA
Coverage: $10,000 Employee Theft with $500 deductible
Amount of Loss: $123,687.95

The insured discovered that an employee responsible for accounts receivable and operation of the ATA’s manual credit card terminal was accused of issuing fraudulent refund transactions (“charge backs”) to several of her personal debit cards. Charge backs netted out against ATA deposit to disguise the fraudulent transactions

Insured: Cee Research Foundation
Coverage: $500,000 Employee Theft with $1,000 deductible
Amount of Loss: $92,110.29

Over an eight month period, the Insured’s former Account Payable Clerk allegedly took valid, duly signed Cee Research Foundation checks payable to American Express and submitted them to payment of her own American Express account.

Check out our online bond request form to get started: http://www.allprocoverage.com/bond-request-online-form/

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Zolofra Insurance Agency
P.O. Box 868
Oakhurst, NJ 07755
Toll Free: (888) 858-1777
Direct: (732) 542-1757
Fax: (732) 334-0405
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