Prior to July 1 2013 HOA's were not required to carry Crime Insurance or a Fidelity bond.
Florida Statute 720.3033 section 5 reads:
The association shall maintain insurance or a fidelity bond for all persons who control or disburse funds of the association. The insurance policy or fidelity bond must cover the maximum funds that will be in the custody of the association or its management agent at any one time. As used in this subsection, the term “persons who control or disburse funds of the association” includes, but is not limited to, persons authorized to sign checks on behalf of the association, and the president, secretary, and treasurer of the association. The association shall bear the cost of any insurance or bond. If annually approved by a majority of the voting interests present at a properly called meeting of the association, an association may waive the requirement of obtaining an insurance policy or fidelity bond for all persons who control or disburse funds of the association.
There are still many HOA's out there that have not caught up with this Law. Do your self a favor let us take a look at your policy to make sure you are covered and compliant with the law!
EMERGE INSURANCE AGENCY
Cecil Williams -
Emerge Insurance Agency
5991 Chester Avenue, Suite 103
Jacksonville, FL 32217