A fidelity bond can also be known as crime insurance or employee dishonesty coverage. This type of insurance coverage covers loss of company money, security, or property. This type of coverage can protect against employees who commit acts of embezzlement, but there are also types of fidelity insurance that can cover against general theft. The requirement of a fidelity bond for Florida HOA insurance occurred as a result of a recent change in Florida law. This law requires an HOA to have a fidelity bond that will cover the maximum funds that will be in the association at one time. Changes in law and insurance requirements like this can happen, so it is important to talk to an expert to make sure you are aware of the requirements and any changes that might have occurred.