Surety One, Inc. is a fidelity bond specialist. We offer twenty-nine years of experience underwriting fidelity and surety bond products to individuals and businesses in all fifty states, Puerto Rico and the U.S. Virgin Islands. The following is helpful information for understanding your particular jurisdictional requirement and generally what protection a commercial crime policy provides. Should you have questions about a homeowner's association fidelity bond, condominium owners' association fidelity bond or related insurance product we are always available to you at (800) 373-2804, by email at Underwriting@SuretyOne.com or click here for live chat.

Fidelity Bonds and Federally Regulated Condominiums and Cooperatives

With a few statutory excpetions, FreddieMac requires condominium associations and "cooperative corporations" to maintain a fidelity bond that meet the following criteria:

In States that require condominium homeowners associations or Cooperative Corporations to carry fidelity bonds on terms or conditions different from Freddie Mac's, Freddie Mac will accept compliance with the state's requirements to be adequate for Freddie Mac's.

The condominium onwers assocation fidelity bond must cover losses resulting from dishonest or fraudulent acts committed by directors, officers, managers, trustees, employees and volunteers who handle or manage funds collected and held for the condominium homeowners association or cooperative corporation. A professional property management firm is NOT exempt. It must be to the same coverage level as a COA or cooperative that manages its own operation.

Bonding of Service Providers

If your association hires outside general contractors, landscapers, janitors, pool and miscellaneous maintenance services, those parties should be covered by a third party fidelity bond to protect the association members' property from loss due to dishonesty. Business services bonds are inexpensive and well worth the investment.

Fidelity bond application review and quoting are free of charge. There is no obligation to purchase.

HOA & COA News Feeds

HOAleader

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Community Associations Network

Northern Meadow’s Residents Frustrated With Property Owners Association (NM)Florida homeowner says hurricanes triggered sinkholes in neighborhoodWhat happens when Utahns and HOAs disagree? This man says protections are needed (UT)LOCAL NEWS Hammocks Association receiver discloses findings to Miami-Dade circuit judge (FL)Property owners appoint themselves to defunct HOA. What to do? (MI)Florida condo owners brace for rising insurance ratesA 50-year roof life? Did condo board make unwise declaration to skirt obligations? (FL)How technology is helping remove racist language in Washington state property deedsColorado wildfires are making it harder to insure homes. Could a publicly funded plan stave off an insurance crisis?Gran Paradiso property owners cry foul over water deal made before residents took charge (FL)Piano teacher’s conflict with HOA offers lesson in homeowner resources (CO)HOA does not appear to be following its rental policies (NV)HOA board can pass rules to prevent overuse of common facilities (FL)Fire at DeKalb County multi-family condo under investigation (GA)Beaver Pond residents in Saratoga Springs want development work completed (NY)HOA Homefront: What happens when they won’t pay HOA dues? (CA)Ask a real estate pro: Does condo association have to pay for repairs after water leaked under slab? (FL)‘Does our hearts good’: Residents of damaged Daytona Beach Shores condo share Thanksgiving (FL)Hammocks Association board allegedly hid documents under floorboards at main office (FL)How do you form your own town? These Coloradans are trying to find out