Virginia Regulatory Town Hall
Department of Professional and Occupational Regulation
Common Interest Community Board
Common Interest Community Manager Regulations [18 VAC 48 ‑ 50]
Action Initial Common Interest Community Manager Regulations
Stage Emergency/NOIRA
Comment Period Ended on 12/10/2008
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12/10/08  4:19 pm
Commenter: Lillian Sutherland, The Bradley Micro Company (HOA Financial Mgmt only)

Fidelity Bond

I see that CAI already addressed this and it was an issue I was planning to comment on.  I just want to lend my support to that.  Currently it's an impossibility to get a bond that will go 2 1/2 years before expiring.

My other issue concerning the fidelity bond --- my fidelity bond is with State Farm.  I got it in September.  There is no wording in the bond that specifies that the bond includes "coverage for losses of clients..."  Upon questioning my insurance agent, I was assured, albeit verbally, that the State Farm bond department told him that after July all fidelity bonds for HOA management companies comply with Virginia's requirement that the bond cover their clients also.

Is verbal assurance going to be acceptable to the CICB?

CommentID: 6547