WHAT IS FIDELITY BOND INSURANCE COVERAGE FOR CONDOS?
Fidelity bond insurance offers protection for losses caused by fraudulent acts of individuals within a condo board or management team.
For board members, this is one of the most essential forms of protection, especially considering that financial fraud can happen more frequently than most people believe. You only need to look at some of the high-profile cases to see that risk exists. One notable example is that of the late Andrew M. Kissel, who was connected with the misappropriation of $4.7 million from a co-op where he acted as treasurer for seven years.
No matter the size of your condo association, a fidelity bond insurance coverage policy will protect you from most forms of fraud. This insurance will give confidence to board members as well as residents and landlords who have money invested in the condominium.