HOA Fidelity Bond Application Checklist

Identify the applicant precisely

Use the association’s full legal name and verify its entity type, mailing address, property address, formation date, number of units or lots, and contact authorized to answer underwriting questions. Note any developer control, master or sub-association structure, related entities, or recent merger that could make the named organization unclear.

Collect the declaration, bylaws, articles, current board roster, management agreement, and prior fidelity contract. These records help distinguish the association from its manager and reveal contractual insurance terms that may exceed a statutory baseline.

• Exact legal name and any former names
• HOA, condominium, cooperative, master, or sub-association status
• Authorized applicant and board approval
• Current and proposed effective dates

Support every financial input

Assemble the adopted budget, latest balance sheet, bank and investment statements, reserve schedule, assessment roll, and cash-flow forecast. Depending on the applicable rule and application, relevant amounts may include reserves, annual assessments, investment accounts, total custodial funds, or the highest expected balance at one time.

Avoid treating the bank balance on a convenient day as automatically controlling. Document the valuation date and method, including seasonal assessment receipts, insurance proceeds, construction deposits, special assessments, and manager-held accounts. The requested limit should be traceable even when the governing formula is ambiguous.

Map people, controls, and loss history

List officers, directors, employees, committee members, volunteers, managers, management-company employees, bookkeepers, and others who receive, approve, transfer, reconcile, or can alter instructions for association funds. Describe actual access rather than relying only on job titles.

Answer internal-control and loss questions using the application’s definitions and requested lookback period. Explain dual approval, statement delivery, reconciliations, access changes, audit or review practices, prior claims, known incidents, and corrective action. Never guess whether an event is material. Seek clarification from the producer or insurer and preserve the response.

Complete a controlled final review

Have an authorized person compare the final application with source records and all attachments. Confirm that blank answers are intentional, explanations are attached, dates are current, and no late financial or personnel change has made an answer inaccurate.

Retain the exact signed submission and subsequent correspondence. Confirm required supplemental questions, signatures, file formats, and next steps with your producer. An application alone does not establish coverage.