HOA Fidelity Bond Renewal Checklist

Start with enough time for a real review

Set an internal review date ahead of expiration based on the association’s governance calendar and the producer’s requested timeline. Obtain the current contract, renewal request, prior application, claims correspondence, financial records, and board meeting schedule.

Confirm submission deadlines, underwriting questions, payment methods, and document delivery with your producer. Treat the association's internal calendar as a planning tool.

Revalidate requirements and exposure

Check for changes in official law, governing documents, lender terms, management contracts, bank arrangements, and board policy. Recalculate with the new budget, reserves, investments, assessment income, anticipated special assessments, and peak custody as relevant.

Update the roster of everyone who controls or disburses funds and describe revised electronic-payment processes. A management transition, new treasurer, changed dual-approval threshold, or new investment account can affect more than the dollar limit.

• Current legal and contractual requirement
• Updated calculation with valuation date
• Current fund-handler and account-access map
• Known claims, incidents, and changed controls

Compare expiring and proposed terms

Use a side-by-side review of limits, deductibles, forms, endorsements, covered organizations and people, covered property, causes of loss, reporting provisions, cancellation language, and discovery terms. A renewal with the same invoice total can still contain meaningful wording changes.

Ask written questions about any removed, replaced, or newly attached form. Whether alternatives or amendments are available depends on the insurer and producer. The complete issued renewal, not the comparison worksheet, controls.

Authorize, verify, and close the renewal

Record the board or officer authorization required by the association, submit complete information, and confirm any payment or signature instructions through the approved channel. Do not let an anticipated renewal substitute for verification of actual effective dates.

When documents arrive, reconcile them to the authorized proposal, resolve discrepancies in writing, update interested parties as appropriate, and archive both expiring and renewed contracts.