Summary: The public official bond, a standard form under the jurisdiction of Surety Association of America (SAA), provides fidelity protection on employees and officers of political subdivisions. However, this bond differs from a fidelity bond in two important ways: (1) it guarantees both the honesty and faithful performance of the principal; and (2) the principal has an expressed contractual obligation to both the obligor (the surety) and the obligee (the public). Although this coverage is now available with the commercial crime policy of Insurance Services Office, the need may still arise for a bond only without the other crime coverages. The types of public official bonds are:

1. Individual bonds: written on a single official or employee for a specific amount.

2. Name schedule bonds: written on officials or employees (each for a specified amount) named in a list attached to the bond.

3. Position schedule bonds: written on the officials or employees who occupy any of the positions (each position for a specified amount) indicated in a list attached to the bond.

Absent from the Surety Association's jurisdiction are blanket bonds for public employees and public school employees. These are now part of the ISO crime program.

The general rates in the Surety Association of America manual specify few classes. Most public officials and employees would fall under the “general” heading. In most states the rate for this category is $2.50 per $1,000 of coverage. Some of the specialized categories indicated in the rules are: public housing authorities; peace officers; national guard; public school treasurers; state treasurers; tax collectors; and notaries public.