Fidelity bond or equivalent form of insurance required
- Statute:
- Louisiana §9:1123.113 · Part CONDO (Louisiana Condominium Act (La. R.S. 9:1121.101 et seq.))
- Topic:
- Insurance · Fidelity
- Applies to:
- Condo associations
An association that collects assessments must keep a blanket fidelity bond (or equivalent insurance) on officers, directors, employees, and the managing agent. Coverage is the lesser of $1 million or reserves plus one-fourth of the aggregate annual assessment, with a $10,000 floor. Proof stays on the premises and must be inspectable; every member gets written or electronic notice of the bond and of that inspection right.
📄 Read the official text at legis.la.gov →
How SoShiny helps with Fidelity bond or equivalent form of insurance required
SoShiny is built around the Florida statutes from day one. The features that help you comply with this section are part of every plan — no add-ons, no per-document fees.
See the feature → Start freeFrequently asked
- What does Louisiana §9:1123.113 require?
- An association that collects assessments must keep a blanket fidelity bond (or equivalent insurance) on officers, directors, employees, and the managing agent. Coverage is the lesser of $1 million or reserves plus one-fourth of the aggregate annual assessment, with a $10,000 floor. Proof stays on the premises and must be inspectable; every member gets written or electronic notice of the bond and of that inspection right.
- Who does Louisiana §9:1123.113 apply to?
- Louisiana §9:1123.113 applies to Condo associations in Louisiana.
- What happens if our condo doesn't comply with §9:1123.113?
- Non-compliance can expose the association and individual directors to disputes in the governing forum for Louisiana community associations. SoShiny's audit trail and documented workflows are designed to demonstrate good-faith compliance.
- Where can I read the official text of Louisiana §9:1123.113?
- The official text is published by the Louisiana State Legislature at legis.la.gov. The summary on this page is for plain-English reference only and is not legal advice.
- How does SoShiny help with Fidelity bond or equivalent form of insurance required?
- SoShiny is built around the Florida statutes from day one. The features that help you comply with this section are part of every plan — no add-ons, no per-document fees. Learn more →
Not legal advice. This page is a plain-English summary of Louisiana §9:1123.113 prepared by SoShiny for board members and managers. For binding legal advice or interpretation, consult a Louisiana-licensed attorney. For the official statutory text, see the link above.
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