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Crime And Fidelity Insurance Coverage

Provides condominium associations and residential cooperatives with protection against a range of financial criminal activities.

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The Andover Companies Crime and Fidelity Endorsement serves as an important financial safeguard for residential and office condominiums and residential cooperatives. It typically covers financial losses resulting from dishonest or fraudulent acts committed by a board member, employee, volunteer, or third party with access to a community’s funds.

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Crime and Fidelity Insurance Coverage Highlights

Monthly association fees, mandatory and special assessments, funds held in reserve—these are important financial assets a condo association or cooperative* relies on for routine operational expenses, unexpected repairs, and capital improvements. Yet a single dishonest act, committed by an internal stakeholder or an external bad actor, can instantly deplete years of carefully managed savings.

The Andover Companies Crime and Fidelity Endorsement helps protect condo and cooperative communities against losses of money, securities, and other property (up to the policy limits) due to the following types of financial crimes:

Computer Fraud
Embezzlement
Employee Theft
Forgery or Alteration of Association Documents or Checks
Fraudulent Transfers
Third-Party Theft
Unauthorized Use of Credit Cards

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Choosing The Right Amount Of Crime And Fidelity Insurance

In many cases, it is not only a condo association’s fiduciary responsibility to protect its financial assets, but also a legal responsibility. Depending on the number of units and the amount of funds under its management, a community may be required to have a minimum level of Crime and Fidelity Coverage by the state where it is located. Additionally, a condo association’s governing documents should provide a guide for determining the right amount of Crime and Fidelity Insurance based on its total financial assets.

It is important to regularly review these coverage requirements with a knowledgeable, local insurance professional. As the financial assets and vulnerabilities of your growing community evolve, they can recommend updates to your Crime and Fidelity Coverage and identify any additional coverage options that may better safeguard your community, board members, and unit owners.

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Building Close Relationships, Close to Home
with the Agents We Serve and People We Insure

“I feel comfortable having my insurance with The Andover Companies. I know that if something terrible happens, they will be there to support my family and guide us through the process. Insurance can be confusing, especially when you have multiple policies, but they have simplified the details so we can understand everything easily!”

Bianca and Ray L.

Homeowners

“The Andover Companies service team is professional, personable, and extremely helpful. We’ve had our homeowners insurance with The Andover Companies for over seven years and are happy to have recently added our secondary home with them in another New England state. I highly recommend insuring with them.”

Debora G.

Homeowner

“You can truly understand the value of your home insurance when you have a claim. My husband and I experienced firsthand how easy it was to work with The Andover Companies. A tree fell on our property, blocking the driveway. We submitted a claim with Andover and within days had a check in hand to reimburse us for the tree removal. The process was seamless.”

Lisa and Ted R.

Homeowners