GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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12% - Infrequently

Lawn Gnome Fidelity Bond


Synonyms:lawn gnome dishonesty insurance, lawn ornament fidelity bond
Acronyms &
abbreviations:
LGFB
Relevant locations:Middle Earth / Underground
Year established:1947
Notes:The LGFB acronym is quite often incorrectly mislabelled as a Lost Gnome from Backyard and Looks Good From Behind.
Filed Under: insurance
Tags: bonds, humour
 

Definition of lawn gnome fidelity bond (LGFB)

lawn gnome fidelity bond (LGFB)
1. An insurance policy that covers losses resulting from any acts of thievery perpetrated by a lawn gnome. In keeping with their mischievous nature, lawn gnomes have been known to steal from time-to-time; lawn gnome fidelity bonds provide compensation to the policyholder or the policyholder's neighbours in the event that a covered lawn gnome steals property including items such as socks, coins, pencils, electronics, classified rocket propulsion plans, and dryer lint. Not to be confused with "lawn gnome theft insurance," which covers losses resulting from the theft of a lawn gnome.

Related Terms and Acronyms:

  • alien abduction insurance (AAI)   Insurance that covers costs resulting from alien abductions.
      ➥  An extra-terrestrial abduction policy.
  • business crime insurance   Insurance that covers losses due to criminal acts perpetrated by customers or employees.
  • fidelity bond   Insurance that protects a business from losses due to employee fraud, such as theft, forgery or fraudulent trading.
  • lawn gnome theft insurance (LGTI)   Insurance that covers losses resulting from lawn gnome theft.
      ➥  Also known as Garden Gnome Theft Insurance (GGTI).

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