Common use of Owners' Association Fidelity Insurance Coverage Clause in Contracts

Owners' Association Fidelity Insurance Coverage. The Owners' Association fidelity bond or insurance must name the Owners' Association as the insured and must be written in an amount sufficient to provide protection at least 150% of the insured's estimated annual operating expenses and reserves. An appropriate endorsement to the policy to cover any persons who serve without remuneration must be added if the policy would not otherwise cover volunteers. Owners' Association fidelity insurance coverage must be in an amount equal to at least 3 months assessments on all units in the Condominium Project or PUD. Owners' Association fidelity insurance coverage is not required if the Condominium Project or the PUD have fewer than 20 units.

Owners' Association Fidelity Insurance Coverage. The Owners' ’ Association fidelity bond or insurance must name the Owners' ’ Association as the insured and must be written in an amount sufficient to provide protection at least 150% of the insured's ’s estimated annual operating expenses and reserves. An appropriate endorsement to the policy to cover any persons who serve without remuneration must be added if the policy would not otherwise cover volunteers. Owners' ’ Association fidelity insurance coverage must be in an amount equal to at least 3 months assessments on all units in the Condominium Project or PUD. Owners' ’ Association fidelity insurance coverage is not required if the Condominium Project or the PUD have fewer than 20 units.