In lieu of the individual official bonds required by section 2.10.010 of this chapter, use of a master official bond or a commercial government crime insurance policy or employee dishonesty policy to provide coverage for the city clerk and city treasurer shall be permitted. The form of such master official bond or insurance policy shall meet the following minimum standards:
A. The master official bond or insurance policy shall be in an amount of not less than one million dollars ($1,000,000.00).
B. The master official bond or insurance policy shall be issued by an insurance company authorized to do business in California.
C. The master official bond or insurance policy shall be issued by a company with an A.M. Best's rating of no less than A-:VII.
D. The master official bond or insurance policy shall encompass claims, among others, for forgery or alteration, theft, disappearance or destruction, robbery and safe burglary, public employee dishonesty, computer fraud, and fund transfer fraud.
E. The master official bond or insurance policy may be issued on an annual or longer basis. (Ord. 2833, 2016)