HOA Fidelity Bond coverage

Below is an excerpt from our existing Bylaws. We are in the process of updating them and I had a question about this. The minimum level is 1/6 of estimated annual assessments which seems low. I cannot find where S.C requires any minimum amount. Does anyone have a recommendation? Our total annual assessments are approximately $500,000.

"Fidelity Bonds. Fidelity bonds shall be required by the Board of Directors from all officers and employees of the Association handling or responsible for Association funds. The amount of such bonds shall be determined by the directors, but shall be at least an amount equal to one-sixth of the estimated total annual assessments against members for recurring expenses. The premiums on such bonds shall be paid by the Association."

Our docs do not call for such.

I do not know why not. My initial impression is that this is not common. Our docs were done by a high powered, if not the best, HOA attorney in SC.

If it seems low to you, why not do some shopping around and see what else is available? That should be simple enough, especially since your documents say "The amount of such bonds shall be determined by the directors, but shall be at least an amount equal to one-sixth of the estimated total annual assessments" One-sixth is the floor, so if the board wants to set it at a higher amount, they should be able to dot it.