OSBA bond program

 

OSBA Bond Program

The Ohio Revised Code requires certain school district employees to be bonded (treasurer, fiscal officer and business manager).

School districts also may opt to cover additional employees who handle money and enter into financial transactions under Employee Dishonesty Coverage.

The OSBA Bond Program offers schools an easy and direct method to purchase bonds and Employee Dishonesty Coverage.

Member benefits

  • Superior financial strength of surety
  • Professional program manager with experienced licensed staff
  • Fulfills Ohio bonding requirements for treasurers, fiscal officers and business managers
  • Provides flexibility for school districts to schedule other employees/positions for employee dishonesty coverage

Types of bonds:

Treasurer Bonds (Public Official Bond)
The Public Official Bond for treasurers is a surety bond which guarantees a treasurer will perform the duties of office faithfully and honestly. In most cases, a surety bond is required in order to hold the position. While duties may vary by position and applicable law, a treasurer is obligated to act in the public’s best interest at all times and may be held personally accountable for the duties and responsibilities of that position.

This bond assures the recovery of financial loss incurred by a school district that results from a treasurer’s non-compliance with state regulations and ordinances.

To apply, please complete the following two (2) forms:
Click here for Treasurer Bond application.
Click here for Public Official application and Indemnity Agreement. 

Fiscal Officer Bonds (Public Official Bond)
The Public Official Bond for fiscal officers is a surety bond which guarantees a fiscal officer will perform the duties of office faithfully and honestly.  In most cases, a surety bond is required in order to hold the position. While duties may vary by position and applicable law, a fiscal officer is obligated to act in the public’s best interest at all times and may be held personally accountable for the duties and responsibilities of that position.

This bond assures the recovery of financial loss incurred by a school district that results from a fiscal officer’s non-compliance with state regulations and ordinances.

To apply, please complete the following two (2) forms:
Click here for Fiscal Officer Bond application.‚Äč
Click here for Public Official application and Indemnity Agreement. 

Business Manager Bonds (Public Official Bond)
The Public Official Bond for business managers is a surety bond which guarantees a business manager will perform the duties of office faithfully and honestly. In most cases, a surety bond is required in order to hold the position. While duties may vary by position and applicable law, a business manager is obligated to act in the public's best interest at all times and may be held personally accountable for the duties of that position.

The bond assures the recovery of financial loss incurred by a school district that results from a business manager's non-compliance with state regulations and ordinances.

To apply, please complete the following two (2) forms:
Click here for Business Manager Bond application.
Click here for Public Official application and Indemnity Agreement. 

Scheduled Position Employee Dishonesty Coverage (Crime Policy)
A Crime policy issued with Employee Dishonesty Coverage and Faithful Performance of Duty guarantees the performance of covered persons in positions specifically scheduled on the policy, as provided by the school district on the application ( e.g. superintendent, board president, secretaries, cashiers, etc.; any employee except treasurer, fiscal officer, and business manager; excludes all volunteers such as PTA members).

To apply, please complete the following two (2) forms:
Click here for Employee Dishonesty - Scheduled Position application. 
Click here for Acord 141 - Crime Section application.

Claims reporting:

Public Officials Bonds
The State of Ohio requires a treasurer, fiscal officer or business manager to provide a surety bond in an amount set by the school district board. However, the bond is required to be written in favor of the State of Ohio. The district is not named on the bond. Therefore, a claim against a treasurer, fiscal officer or business manager must be made by the State, usually after the State audits the district's records and has arrived at a finding for restitution. However, the State Attorney General's Office gives the district 120 days to work with law enforcement and the prosecuting attorney to obtain restitution directly from the treasurer, fiscal officer or business manager. After 120 days the State Attorney General's Office will file a claim to the surety with the "audit finding" as evidence to support the claim. The surety will remit payment usually in 30 days to the State and the State will remit to the district about 30 days later. However, the bond may be inadequate to cover the loss, so a civil suit may be filed to recover the balance of the missing funds. 

Crime Policy
When a school district has purchased a Crime Policy which provides coverage against employee theft of money or property under a Scheduled Position Employee Dishonesty Coverage Form, with Faithful Performance of Duty, the district is the Named Insured and has the duty to report a claim under this policy to the insurer and to assist the insurer by providing full details of the loss. This can be accomplished by reporting the claim directly to the Insurer (Travelers) or to the Program Administrator (Hylant Administrative Services). 

Contact information:

Program administrator
The OSBA Bond Program is administered by Hylant Administrative Services (HAS), a leading program administrator in the Midwest. HAS teams with highly rated insurance carriers, reinsurers and other partners to provide comprehensive products and services as a program manager and pool administrator. HAS employs experienced professionals with sound expertise, disciplined decision making and professional service delivery, all aimed at helping clients build financial strength and ensure long term stability. 

General inquiries
Hylant Administrative Services LLC
811 Madison Avenue
P.O. Box 2083
Toledo, Ohio 43603-2083
Toll Free: 800-249-5268
Fax:  419-259-6099  

Underwriting
Submit all applications, changes, cancellations and questions to:
Amanda Wilhelm
T: 419-724-1986
F: 419-259-6099

Program surety/insurer
The OSBA Bond Program is underwritten by Travelers Casualty and Surety Company of America, which is consistently given high ratings by independent rating services including A.M. Best, Moody’s and Standard and Poor’s for financial strength and claims paying ability.

General inquiries
Travelers Casualty & Surety 
T: 800-842-8496
F: 888-460-6622
Email: BSIclaims@travelers.com

OSBA staff liaison
Allison Morris
Chief Financial Officer