General Coverage Information
The University purchases two types of bonds. A bond is a promise to pay another agency in case a University of Alaska employee embezzles others' funds or commits fraud to illegally bring in goods for the university from foreign countries with improper customs clearance.
Custom Bonds :
We have customs bonds which provide indemnity to an administrative agency should the university import items for which we have exclusions from duty and for which we may inadvertently claim improper exclusion. The Geophysical Institute, the university in general, and agencies at UAA require customs bonds. The bonds range from $60,000 to $100,000.
We also have a bond in favor of the United States Postal Service for the postal services that we provide at UAF. The bond amount is determined by the value of the stamp inventory maintained at the UAF Post Office. This amount is evaluated on an annual basis to determine the need to increase or decrease the amount.
See Notary Program