Chapter: 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 |	Insurance and Liability
	Article: 1 |
	Section: 5800 | 5805 | 5806 | 5810 |

Section 5806 - Fidelity Bond Requirement (changes in green effective 1/1/22)

Unless the governing documents require greater coverage amounts, the association shall maintain crime insurance, employee dishonesty coverage, fidelity bond coverage, or their equivalent, for its directors, officers, and employees in an amount that is equal to or more than the combined amount of the reserves of the association and total assessments for three months. The association’s fidelity bond coverage maintained by the association shall also include protection in an equal amount against computer fraud and funds transfer fraud. If the association uses a managing agent or management company, the association’s crime insurance, employee dishonesty coverage, fidelity bond coverage, or their equivalent, shall additionally include coverage for, or otherwise be endorsed to provide coverage for, dishonest acts by that person or entity and its employees. Self-insurance does not meet the requirements of this section.

This section is referenced in Section: 5105

Amended: Statutes of 2021, Chapter 270

First Enacted:  Old CID Section: None

First Enacted:  Statutes of 2018, Chapter 396

Similar to CI-CID: None