N.H. Admin. Code § Rev 1903.02

Current through Register No. 45, November 7, 2024

Section Rev 1903.02 - Format Requirements for Bond Instruments

(a) Pursuant to RSA 41:6, the position schedule bond may be issued for either a one-year or a multiple-year period of coverage.

(b) A multiple-year period of coverage bond shall:

(1) State that the amount of coverage per position shall be on a yearly basis; and

(2) Be cumulative to the extent of such limits in each year of the bond.

(c) All position schedule bond(s) shall:

(1) Present a schedule showing:

a. Names of the elected or appointed officials that are covered;

b. The number of officials occupying each position; and

c. The amount of coverage on each official;

(2) Indicate the beginning and ending term dates; and

(3) Include the signatures of the attorney-in-fact and the witness to the attorney-in-fact.

(d) The position bond schedule shall be extended by means of a continuation certificate which:

(1) Becomes effective on the anniversary of the initial date of the position schedule bond in order to provide continuous coverage;

(2) States the beginning and ending term dates;

(3) States the new amount of coverage for each official;

(4) Stipulates the limit of the coverage for each position stated in the original bond and all continuations of that original bond shall be cumulative to the extent of the limits stated in the original bond in each year;

(5) Includes the signatures of the attorney-in-fact and the witness to the attorney-in-fact; and

(6) Is intended by the parties to have the legal effect of a new and separate obligation issued for the period stated therein.

N.H. Admin. Code § Rev 1903.02

#5356, eff 3-16-92, EXPIRED: 3-16-98

New. #6732, eff 4-18-98; ss by #8599, eff 4-6-06; ss by #10582, eff 5-2-14