Fidelity Bond is Vital for Condos and HOAs

 

Fidelity Bond

What are Fidelity Bonds for?

Every association and their management company should carry a Fidelity Bond.  This policy should not only provide coverage for employee theft, but also forgery or alteration, theft, disappearance, destruction, computer fraud and wire transfers.

Even though most management companies handle all of the accounting for their Associations and, thus, carry their ...

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The Fraud Triangle and Why it is Important

Many people have probably heard horror stories about fraud and money being stolen from condominium and homeowners associations.  While the majority of people are honest, there are a few that have stolen from association bank accounts.

Many theories state that those who commit fraud must have three factors to be able to commit the fraud and embezzle money from the Association.  This is usually referred to as the “Fraud Triangle”.

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Don’t Cancel HOA Insurance to Save Money

Why it’s a Bad Idea to Cancel HOA Insurance

During this tough economy, associations are looking for ways to trim expenses; but opting out of  HOA insurance coverage is not a prudent choice.  Even the smallest homeowners’ association needs insurance coverage.  If an HOA owns any property, then there is a risk that a resident, visitor or guest could be injured or hurt on that property.  Insurance claims are rare, but it is too risky to consider going without coverage.

Eliminating coverage may save the association money in the short term, but the ...

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