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Fidelity Bond

Due to changes in the marketplace, our prior provider will no longer provide crime and theft coverage for member clubs. Our further research and efforts have shown other providers have dropped this coverage and we have not identified any practical coverage options for this policy. As a result, we strongly encourage clubs to secure their own coverage for crime and theft. The NJYS policy expired on July 5th, 2017, and we share the following options and contacts for clubs to explore. We trust this is not an exhaustive list of providers that exist in the marketplace.

  • Gracechurch Associates has been servicing youth soccer accounts for over 20 years and has a working relationship with most of the large insurance companies that offer this coverage. (Contact: Tony Petruzzi, apetruzzi@gracechurch.biz).
  • Pullen Insurance Serives is a nationwide insurance broker specializing in the placement of insurance coverage for amateur sports organizations, provider of choice for US Youth Soccer as well as 42 of its member state soccer associations (Contact: Dan Pullen, dpullen@pullenins.com).

NJ Youth Soccer will continue to provide insurance coverage for Directors and Officers, Accident/Medical and Liability. As always, information about NJYS insurance coverage can be found on our website (click here). For further information and background about crime and theft coverage, we encourage you to read the information below:

Non-profit soccer clubs are susceptible to financial fraud involving employees/volunteers just like for-profit businesses. We expect club employees and volunteers to serve with honesty and integrity; unfortunately, this is not always the case. Embezzlement of funds by a club employee/volunteer is a serious issue which can have devastating effects on a club's financial wellbeing. Smaller organizations can be especially hard hit by embezzlement as they cannot afford extensive safeguards nor are they large enough to absorb such a financial loss. Although it is not possible to eliminate the risk of employee/volunteer embezzlement, it is possible to reduce the risk and to minimize fraud-related losses by implementing basic financial safeguards. These safeguards include:

  • Have segregation of duties. Do not have one single person write checks, make bank deposits, pay bills, and reconcile bank statements.
  • Require countersignature of checks over a certain amount (e.g. $1,000).
  • Bank statements should be reconciled on a monthly basis by a person who does not have authority to sign checks, make deposits, or withdrawal funds from bank accounts.
  • Purchase a Dishonesty Bond (an insurance product) to indemnify the club in the event of an employee/volunteer dishonesty loss.

A Dishonesty Bond is an inexpensive way for soccer organizations to protect themselves from fraudulent acts of an employee/volunteer. It is strongly encouraged that all clubs seriously consider purchasing a Dishonesty Bond to cover the organization from embezzlement of funds by a club employee or volunteer.