I. 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.
II. 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.
III. 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, and UW-Oshkosh
Limit: $10,000 per location
Deductible: None
Policy Dates: 7/18/14 – 7/18/17
IV. 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.
DISCLAIMER
This insurance document is furnished to you as a matter of information for your convenience. It only summarizes the listed policy(ies) and is not intended to reflect all the terms and conditions or exclusions of such policy(ies). Moreover, the information contained in this document reflects coverage as of the effective date(s) of the policy(ies) and does not include subsequent changes. This document is not an insurance policy and does not amend, alter or extend the coverage afforded by the listed policy(ies). The insurance afforded by the listed policy(ies) is subject to all the terms, exclusions and conditions of such policy(ies).