What type of bond covers losses incurred by an employee in a specific position without requiring a name?

A Position Schedule Bond is specifically designed to cover potential losses that may arise from the actions of an employee in a certain position without needing to name that employee. This type of bond provides an assurance to the employer that any losses caused by the employee's dishonesty or misconduct in their designated role will be compensated, up to a specified limit, regardless of who holds that role at any given time.

This arrangement is particularly beneficial in organizations where employees in certain positions frequently change, or in situations where it might be impractical to issue a bond for each individual employee. By using a Position Schedule Bond, businesses can maintain coverage and be protected against the risks associated with employee dishonesty, while also streamlining the bonding process for roles with high turnover or multiple personnel changes.

In contrast, bonds such as a Garnishment Bond generally relate to legal processes for garnishing wages or seizing assets, a Reclamation Bond involves securing a party against losses related to the reclamation of goods, and a Fiduciary Bond serves to protect beneficiaries from the mismanagement or misappropriation of funds by a fiduciary. These choices do not provide the same type of coverage that a Position Schedule Bond offers for employees in specific roles without needing to name those individuals.