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- Alaska Statutes.
- Title 8. Business and Professions
- Chapter 88. Real Estate Brokers and Other Licensees
- Section 173. Fidelity Bond For Community Association Managers.
previous: Section 171
. Eligibility For License.
next: Section 175
. Limitations On Community Association Managers.
AS 08.88.173. Fidelity Bond For Community Association Managers.
- (a) If the board of directors of a community association allows a broker to exercise control over community association
fees or other community association funds, the broker must provide evidence to the commission that the broker is
covered by a blanket fidelity insurance bond. The bond may be in the name of the broker with the association as an
additional insured or in the name of the association with the broker as an additional insured. The bond must cover the
maximum funds that will be within the control of the community association manager at any time while the bond is in
force. The commission may grant an exemption from the bonding requirement of this subsection if the commission
determines that the community association manager has equivalent comparable coverage or that coverage is unavailable.
The commission may adopt regulations to implement this subsection, including regulations concerning the minimum
coverage and terms of coverage that are required and proof of bond and the granting of exemptions.
- (b) If a loss covered by the fidelity bond required under this section is also reimbursable from the real estate surety
fund, the owners' association that suffered the loss may not recover under the bond until the association has filed a
claim for reimbursement under AS 08.88.460
and proceedings relating to the claim are concluded.
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