Can a fidelity bond have a deductible?

This may be taken out of context but here is one of several references to deductibles in DOL Reg 2580:

§2580.412-11 Statutory provision.

With respect to persons required to be bonded, section 13 shall be deemed to require the bond to insure from the first dollar of loss up to the requisite bond amount and not to permit the use of deductible or similar features whereby a portion of the risk within such requisite bond amount is assumed by the insured.