Evidence of Insurance / Proof of Insurance
Springfield Station Homeowner’s Association, Inc. maintains hard, property damage, and liability insurance to cover Common Areas as required by the By- Laws. It is suggested that each lot owner obtain insurance to cover property damage to their homes and personal property contained therein, and insurance covering personal liability. The Association urges you to consult with your insurance agent.
You may be asked for the HOA’s master insurance policy or evidence of insurance.Â
Please call EOI Direct at 877-456-3643Â
to request Evidence of Insurance certificate for Springfield Station Homeowners’ Association, Springfield Virginia.
§ 55.1-1827. Deposit of funds; fidelity bond
A. All funds deposited with a managing agent shall be handled in a fiduciary capacity and shall be kept in a fiduciary trust account in a federally insured financial institution separate from other assets of the managing agent. The funds shall be the property of the association and shall be segregated for each account in the managing agent’s records in a manner that permits the funds to be identified on an individual association basis.
B. Any association collecting assessments for common expenses shall obtain and maintain a blanket fidelity bond or employee dishonesty insurance policy insuring the association against losses resulting from theft or dishonesty committed by the officers, directors, or persons employed by the association or committed by any managing agent or employees of the managing agent. Such bond or insurance policy shall provide coverage in an amount equal to the lesser of $1 million or the amount of the reserve balances of the association plus one-fourth of the aggregate annual assessment income of such association. The minimum coverage amount shall be $10,000. The board of directors or managing agent may obtain such bond or insurance on behalf of the association.
2007, cc. 696, 712, § 55-514.2; 2008, cc. 851, 871; 2019, c. 712.