CO HB1013

School districts may purchase crime insurance coverage as an alternative to surety bonds for secretaries, treasurers, assistant secretaries, assistant treasurers, and other money custodians.

Crime insurance must protect the school district from malfeasance by officers and employees while in office.

Employees likely to have temporary custody of school district moneys exceeding $50 may be covered by crime insurance instead of individual surety bonds.

Removes the requirement for surety bonds in amounts of $5,000 or more when crime insurance coverage is purchased instead.

The general assembly declared the act necessary for immediate preservation of public peace, health, and safety.