[Perino, Paul]

Insurance speakers at AADMM conferences and other sources have assured us that bonding is unnecessary unless you have employees. I have E&O and basic liability and am only bonded for two clients where I’m the court-appointed fiduciary. This question comes up a lot, and the answer is always that it serves no purpose to be bonded. Some DMMs have gone ahead and spent money for some sort of bond but my understanding is that the only purpose of that is to be able to tell clients that you’re bonded. I’ve told those clients who’ve asked that it has no purpose and that I carry all the logical insurances, and no one has ever questioned that.

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