{"id":1537,"date":"2015-07-25T20:09:42","date_gmt":"2015-07-25T20:09:42","guid":{"rendered":"http:\/\/suretyone.com\/blog\/?p=1537"},"modified":"2017-01-03T16:20:30","modified_gmt":"2017-01-03T16:20:30","slug":"colorado-community-association-managers-must-provide-fidelity-bond-commercial-crime-coverage","status":"publish","type":"post","link":"https:\/\/suretyone.com\/blog\/colorado-community-association-managers-must-provide-fidelity-bond-commercial-crime-coverage\/","title":{"rendered":"Colorado Community Association Managers Must Provide Fidelity Bond \/ Commercial Crime Coverage"},"content":{"rendered":"<p>The Colorado Division of Real Estate has enacted a new regulation to require all Colorado Community Association Managers to carry a <span style=\"text-decoration: underline;\"><strong><a href=\"https:\/\/suretyone.com\/fidelity-bonds\" target=\"_blank\">fidelity bond<\/a><\/strong><\/span>. The text of Regulation D-10, promulgated by the Division on March 5th, 2015, states, &#8220;every active community association manager (and sole proprietorship) must have in effect a crime fidelity insurance policy covering the dishonest acts of all employees of the management company. The insurance carrier issuing the fidelity coverage must be licensed in the State of Colorado and approved to issue fidelity bonds \/ <strong><a href=\"https:\/\/suretyone.com\/fidelity-bonds\" target=\"_blank\">commercial crime insurance policies<\/a><\/strong>, and carry an A.M. Best rating of &#8220;A-Excellent&#8221; or better. The policy form must conform to the conditions in Reg. D-10 and all relevant Colorado statutes. The coverage limit must not be less in the aggregate than two months of current assessments plus reserves OR a higher amount if required by an Association&#8217;s bylaws. The policy must specifically include the designated manager that disburses funds of common interest and\/or that is authorized to sign checks on behalf of the community. The Rule further requires that the policy offer coverage for investigations outside of the particular limit of the fidelity bond, being subject to their own per claim and aggregate limits. A sole proprietor may be named as an additional insured on a common interest community&#8217;s <strong>fidelity insurance policy<\/strong>.<\/p>\n<p>A \u201cfidelity bond\u201d, also known as a commercial crime policy, is a \u201cdishonesty policy\u201d.\u00a0These obligations protect from losses of company monies, securities, and other property as a result of the acts of fiduciaries who have a manifest intent to cause the common interest community loss. These forms can be very broad and cover other exposures such as burglary, general theft, computer theft, disappearance, forgery, etc. Typical property managers rarely have large sums of cash on hand therefore\u00a0<strong>fidelity bond<\/strong>\u00a0limits are often low and the corresponding premiums very reasonable.<\/p>\n<p><strong>Colorado fidelity bond<\/strong>\u00a0leader,\u00a0<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(787) 333-0222\u00a0or\u00a0(800) 373-2804, or email us at\u00a0Underwriting@SuretyOne.com\u00a0 for a\u00a0<strong>fidelity bond for community association managers<\/strong>\u00a0application or for any fidelity coverage need.<\/p>\n<p>#fidelitybond #fidelitybonds #commercialcrimeinsurance #crimeinsurance<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Colorado CAM Fidelity Insurance<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[101],"tags":[1902,1901,1904,1905,1906,105,106,1903,51],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.7.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Colorado Community Association Managers Must Provide Fidelity Bond \/ Commercial Crime Coverage &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\/colorado-community-association-managers-must-provide-fidelity-bond-commercial-crime-coverage\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Colorado Community Association Managers Must Provide Fidelity Bond \/ Commercial Crime Coverage &bull; Surety One, Inc.\" \/>\n<meta property=\"og:description\" content=\"Colorado CAM Fidelity Insurance\" \/>\n<meta property=\"og:url\" content=\"https:\/\/suretyone.com\/blog\/colorado-community-association-managers-must-provide-fidelity-bond-commercial-crime-coverage\/\" \/>\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=\"2015-07-25T20:09:42+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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