Virginia condo assessments bonds.
From $225.
A condominium declarant in Virginia must post a bond in favor of the unit owners’ association guaranteeing the assessments on the units the declarant still owns. It is filed with the Common Interest Community Board under Code of Virginia § 55.1-1968; premiums start from $225 at the $10,000 statutory minimum.
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How much does a Virginia condo assessments bond cost?
2% of the bond amount plus a $25 fee, from $225 at the $10,000 minimum. Enter your amount in the calculator for the exact price.
Three steps. One sitting.
No underwriting queue for the standard condo assessments bond — enter your amount, pay, and file with the CIC Board. Here is the whole thing:
Apply online
Your declarant details, the bond amount ($1,000 per unit), and the effective date — that is the application. No credit check up to $10,000.
Issued on the spot
Most applications approve instantly as soon as you pay. Above $10,000, a soft pull may add a short review.
File with the CIC Board
Submit the executed bond, in favor of the unit owners’ association, to the Common Interest Community Board. Wet-ink originals mailed on request.
What it is and who needs it.
What the condo assessments bond actually covers
Under the Virginia Condominium Act, a declarant (the developer) of a condominium that must be registered with the Common Interest Community Board posts a bond in favor of the unit owners’ association. Code of Virginia § 55.1-1968 conditions the bond on payment of all assessments levied against the units the declarant owns.
The amount is $1,000 per unit, but not less than $10,000 and not more than $100,000. The bond is maintained while the declarant owns more than 10% of the units; if it owns less than 10%, it stays in place until the declarant is current on assessments. The Board may accept a letter of credit in lieu of the bond.
The point is simple: developer-owned units owe assessments like any other, and this bond guarantees the association collects them. We issue the amount your project requires with premiums starting from $225 at the $10,000 minimum; no credit check up to $10,000.
You need this bond if you are
Claims, renewal, filing, and what sets the price.
If a claim is made
A claim comes from the party the bond protects, the obligee named on the form, when the duty the bond guarantees is not met.
The surety investigates and pays a valid claim, up to the bond amount. You then repay the surety: a surety bond is a guarantee of your performance, not insurance for you.
Renewal and term
The premium covers a one-year term from the effective date you choose.
Renew before the expiry date to keep the bond in force: the license, permit or contract it backs expects continuous coverage.
How to file it
File with the CIC Board. Submit the executed bond, in favor of the unit owners’ association, to the Common Interest Community Board. Wet-ink originals mailed on request.
What sets the price
The premium is 2% of the bond amount plus a $25 fee, $125 minimum: the amount the obligee sets moves the price, not your business profile.
No credit check up to $10,000. Above that, the carrier may run a soft pull, which never affects your score.
Where a check runs, it decides approval; the rate is the same for everyone approved.
One application, issued on the spot.
Submit the application with your required bond amount ($1,000 per unit) — no credit check up to $10,000 to fill out, and the executed bond is typically generated instantly, ready to file with the CIC Board.
Start the application →Common questions.
Other Virginia bonds.
Price and requirements checked on the carrier’s application, . Page updated .
Condo assessments bond, issued today.
Premiums from $225. Enter the amount ($1,000 per unit) and file with the CIC Board the same day.