What Are the Key Differences Between AIG and Gallagher Fidelity Bonds?
Limit Selection and Claims Wording
Gallagher places fidelity bonds with outside insurers and says its limit methodology uses peer analysis and an exposure index developed with surety and accounting groups, tying its guidance to ERISA requirements. It also reviews whether a carrier’s trigger is practical to prove and how older incidents are treated. AIG lists FI bond applications and fraud agreements but does not publish a comparable limit methodology. Plan fiduciaries should ask Gallagher to show how the statutory requirement informs the proposed amount and confirm the bond’s claim trigger with either route. [2] [1]
Product Audience and Fraud Events
AIG’s Financial Institution Bonds target banks, lenders, asset managers, and insurers and list employee theft, forgery, computer fraud, and impersonation fraud. Gallagher’s reviewed page focuses fidelity limit advice on plan sponsors needing ERISA bonding alongside crime coverage. The buyer should first identify whether the requirement protects an employee benefit plan or a financial institution’s broader funds and securities; that determines which set of forms and applications to request. [1] [2]