{"id":1506,"date":"2015-01-17T23:04:28","date_gmt":"2015-01-17T23:04:28","guid":{"rendered":"http:\/\/suretyone.com\/blog\/?p=1506"},"modified":"2017-01-03T16:20:30","modified_gmt":"2017-01-03T16:20:30","slug":"fidelity-bond-for-florida-homeowners-associations","status":"publish","type":"post","link":"https:\/\/suretyone.com\/blog\/fidelity-bond-for-florida-homeowners-associations\/","title":{"rendered":"Fidelity Bond for Florida Homeowners Associations"},"content":{"rendered":"<p>Pursuant to changes in Florida law (720.3033) a <strong><a href=\"https:\/\/suretyone.com\/fidelity-bonds\" target=\"_blank\">fidelity bond for homeowners associations<\/a><\/strong> must be maintained and the HOA&#8217;s directors must meet certain educational requirements. The statute states that, &#8220;The association shall maintain insurance or a fidelity bond for all persons who control or disburse funds of the association. The insurance policy or fidelity bond must cover the maximum funds that will be in the custody of the association or its management agent at any one time. As used in this subsection, the term \u201cpersons who control or disburse funds of the association\u201d includes, but is not limited to, persons authorized to sign checks on behalf of the association, and the president, secretary, and treasurer of the association. The association shall bear the cost of any insurance or bond. If annually approved by a majority of the voting interests present at a properly called meeting of the association, an association may waive the requirement of obtaining an insurance policy or <strong>fidelity bond<\/strong> for all persons who control or disburse funds of the association.&#8221; The law recognizes the\u00a0fiduciary relationship between an officer, director, or manager employed by the association and the unit owners, and that certain financial assurance should be available to homeowners that suffer a loss of assessments or other monies due to a manager&#8217;s dishonest acts.<\/p>\n<p>A &#8220;fidelity bond&#8221;, also known as a commercial crime policy, is essentially a &#8220;dishonesty policy&#8221;.\u00a0These bonds protect from losses of company monies, securities, and other property from fiduciaries who have a manifest intent to cause the association loss. These forms can be very broad and cover other exposures such as burglary, general theft, computer theft, disappearance, forgery, etc. Typical HOAs rarely have large sums of cash on hand therefore <strong>fidelity bond<\/strong> limits are usually low and the corresponding premiums very reasonable.<\/p>\n<p><strong>Florida fidelity bond<\/strong> leader, <a title=\"Surety One\" href=\"https:\/\/suretyone.com\/\" target=\"_blank\">Surety One, Inc.<\/a>, specializes in underwriting fidelity risks for ALL business sectors. \u00a0<a title=\"Surety One\" href=\"https:\/\/suretyone.com\/\" target=\"_blank\">Fidelity bonds<\/a>\u00a0for HOAs, COAs and related classes are welcomed. We\u00a0NEVER turn away an applicant. For more information visit us at\u00a0<a title=\"Surety One\" href=\"https:\/\/suretyone.com\/\" target=\"_blank\">SuretyOne.com<\/a>, call\u00a0<span style=\"color: #ff0000;\">(787) 333-0222<\/span>\u00a0or\u00a0<span style=\"color: #ff0000;\">(800) 373-2804<\/span>, or email us at\u00a0<span style=\"color: #ff0000;\">Underwriting@SuretyOne.com<\/span>\u00a0 for a\u00a0<strong>fidelity bond for homeowners association<\/strong>\u00a0application or for any fidelity coverage need.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Florida HOA Fidelity Bond<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[101],"tags":[1863,1864,1860,1861,1857,1858,1859,1862],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.7.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Fidelity Bond for Florida Homeowners Associations &bull; Surety One, Inc.<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/suretyone.com\/blog\/fidelity-bond-for-florida-homeowners-associations\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fidelity Bond for Florida Homeowners Associations &bull; Surety One, Inc.\" \/>\n<meta property=\"og:description\" content=\"Florida HOA Fidelity Bond\" \/>\n<meta property=\"og:url\" content=\"https:\/\/suretyone.com\/blog\/fidelity-bond-for-florida-homeowners-associations\/\" \/>\n<meta property=\"og:site_name\" content=\"Surety One, Inc.\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Surety1\/\" \/>\n<meta property=\"article:author\" content=\"https:\/\/www.facebook.com\/Surety1\" \/>\n<meta property=\"article:published_time\" content=\"2015-01-17T23:04:28+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2017-01-03T16:20:30+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary\" \/>\n<meta name=\"twitter:creator\" content=\"@SuretyOne\" \/>\n<meta name=\"twitter:site\" content=\"@SuretyOne\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"C. 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