Community Financials proudly announces increased insurance coverage. This investment has been made to safeguard funds for increased peace of mind for all Community Financials clients. The new crime insurance is a fidelity bond for concerned clients of Community Financials.
In an era where computer hacking, ransomware, crime, and fidelity issues create concern for HOAs, Community Financials has doubled its Crime insurance and General Liability coverage to $2,000,000.00! That’s twice the peace of mind offered previously. Additionally, new covered losses include Forgery or Alteration up to $2,000,000.00 for a single loss; Computer Fraud loss up to $2,000,000.00 and Funds Transfer Fraud loss up to $2,000,000.00. Computer Fraud is defined as someone other than a Community Financials team member fraudulently accessing (i.e. – hacking) the accounting system.
Community Financials clients previously enjoyed up to $1,000,000.00 of General Liability and crime protection. This new insurance through Travelers doubles that peace of mind to $2,0000,000.00 and offers protection against:
Employee Theft $2,000,000.00 Single Loss
3rd Party Theft $2,000,000.00 Single Loss
Forgery of Alteration $2,000,000.00 Single Loss
On Premise Theft $250,000.00
Computer Fraud $2,000,000.00
CPERE* $1,000,000.00 Single Loss
*Computer Program and Electronic Restoration Expense
Funds Transfer Fraud $2,000,000.00
Social Engineering Fraud $100,000
It is impossible to put a price on peace of mind but it is possible to reduce risk through the increased insurance coverage that Community Financials has put in place to protect its clients. Preventing fraud is the ultimate goal but even the best system has risk. By offering a higher level of insurance for our clients, Community Financials offers the best chance for success against fraud and improved coverage for its clients.
I encourage you to ask your insurance agent how our coverage stacks up against your community’s policy or your management company (if you use one).