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

Condo/HOA Manager Reports: When Is Too Much Too Much?How Detailed Should Managers' Reporting Be to a Condo/HOA Board?Conducting a Performance Review: How's Your Condo/HOA Manager Doing?Tips for Evaluating Your Condo/HOA Management CompanyWhat's a HOA Resale Fee, and Who Sets It?Is This a Quirky Condo/HOA Law? Or Just Plain Baloney?Who Covers Condo Damages When Insurance Doesn't? It's ComplicatedCondo and Owner Battle: Who's Responsible When Insurance Doesn't Fully Cover Damages?55-and-Over Condo/HOA Communities: A PrimerWhat to Know Before Muting Someone in a Virtual Condo/HOA MeetingVirtual Condo/HOA Meetings: When Muting Makes SenseRead This Before You Sign That Contract With a Condo/HOA AttorneyCondo/HOA Attorney Contracts: What to Include and What to RejectManagement Company Files Liens, Board Says It Was in the DarkHOA Board Wonders If It Can Enforce BylawsIs the Developer or HOA Liable in This Case?Holdover HOA Board's Actions Could Be Fraught with PerilHOA Reader Asks: Is This an "Illegitimate Board"?How to Respond When an Ousted HOA Board Sabotages a New BoardSign of the Times? Ousted HOA Board Goes "Scorched Earth"How Not to Dismiss Your Condo/HOA Owners' ConcernsReader Disputes Expert Advice: Start with Kindness at Your Condo/HOAReader Pushes Back: What Happened to Condo/HOA Neighborliness?Does a Condo/HOA Board President Vote on Issues Before the Board?What to Know About Spouses Running for Your Condo/HOA BoardPolitical Protests: Coming Soon to Your Condo/HOA?Political Protests and Rallies Won't End; Can Your HOA Control Them?COVID Vaccines Are on the Way: Can Your Association Require Them?No Vaccines? No Entry! Can Your Condo/HOA Demand Proof of COVID Vaccination?Condo Board: Mask Up or Pay a Whopper of a FineChicago Condo Mulls $500 Mask Fine; Should You Follow Suit?The Duty of Condo/HOA Boards to Provide Safety and Security for Residents: How To Identify Your RoleHow to Prevent and Resolve Conflicts of Interest at Condos and HOAs: 8 Real-Life Case StudiesCondo Battles Over BLM Letters Owner Calls Art: Worth the Fight?The Election's Over (Whew!), But Condo/HOA Sign Issues Aren't Going AwayWhen Doing Good Can Go Bad: HOA Gives Back to the CommunityDon't Get Burned Trying to Embarrass Condo/HOA Board CandidatesCondo/HOA Elections: Good and Bad Questions for Potential CandidatesHOA Owners Want to Decline Developer Turnover Due to BreachNegative Comments on Facebook? Just Take Away the Owner's HOA Pool Privileges! (Maybe Not)Can You Ban Your Condo/HOA Owners from Posting Negative Comments Online?Drones As Inspectors: Should Condos and HOAs Worry?HOAs' Blatantly Racist Deed Restrictions At Issue in Missouri LawsuitHOA Sued Over Racist Deed RestrictionsHOA Documents Permit This, Other Owners Have It, But the Board Wants to Say NoForcing New HOA Owners to Correct Old (and We Mean Old) ViolationsAh, That Timeless Question: Is This HOA Conducting Selective Enforcement?Florida's 40-Year Recertification: What Condo Boards in Other States Can Learn from ItPaying a Visit to an HOA Bully of an Elderly Neighbor: Not the Best SolutionBad HOA Owner Behavior, But Is a Board Member "Visit" Wise?