Public Official: Who Are They?
A Public Official is an officer, including subordinates of said officer, agents or employees of a state or political subdivision, including districts, who is responsible for receiving, collecting and safely keeping all monies and property coming into their hands by virtue of their office pursuant to law; disbursing such funds, including funds realized from the sale of special bond issues for the construction of public projects.
Public Official Bonds: Types
Individual
Covers a single official or employee for a specified amount
Name Schedule
Covers specific named employees listed in a schedule, each position for a specified amount
Position Schedule
Covers specific positions, listed in a schedule, each position for a specified amount
Public Employee Blanket
Covers all employees, unless specifically excluded
Classes
Those who handle public funds
Tax collectors, treasurers, court clerks
Those who do not handle public funds
Employees with administrative duties
Public Official Bonds: Underwriting
Agents typically have limited authority but since this is a relatively nonhazardous class of business, most companies write Public Official Bonds freely
Bond forms are furnished by surety; SAA forms are widely recognized
The amount is determined by statute, Obligee or by the public office requiring the bond.
Most companies use standard SEE rates, although some may vary.
Bond terms run concurrent with the official’s term of office. The bond should remain in force throughout their term of office unless a successor is elected or appointed. If the official is re-elected or re-appointed for a consecutive term, a new bond may be required. Some classes of non-statutory officials and employees hold office for an indefinite period. In those cases, a continuous bond may be acceptable.