Persons holding positions of trust or responsibility are frequently required to give a bond (usually executed by a person or persons financially responsible or by a company making a business of fidelity insurance). A bond of this kind is a contract whereby the insurer, for a valuable consideration, agrees, subject to certain conditions, to indemnify the insured (the employer) against loss consequent upon the dishonesty or default of a designated employee. A person with good habits and good record can usually obtain, without much difficulty, from a surety company, a bond of five or ten thousand dollars by the payment of a small annual sum.