Crime/Fidelity Bond for Condo Associations
Unfortunately, not all employees are honest.
Dishonest employees in the workplace are covered by basic fidelity bonds. These fidelity bonds cover everyone from hourly employees, all the way up to the manager of the property, as they typically handle substantial amounts of cash. You can also add coverage options to protect against electronics fraud, wire transfers and counterfeiting.
Why would my condominium association need a crime policy?
The state of Florida requires condominium associations to have a Crime Policy in place to insure the maximum amount of cash you will have at any given time within the year. You will need a bond in place that is greater than the amount of money that you have in your accounts when they have reached their highest amount, and these amounts won’t stay the same always.
Give one of our Ormond Beach insurance agents a call to discuss your projected balances to make sure you have the proper bond in place.