Insurance for dishonesty

I live in a 171 unit condo. Every year, our monthly dues increase and we usually have to pay an additional "special assessment".

In looking over our budget for 2016, I noticed that our insurance has increased from $44,160 (2012) to $63,000 this year. This seems like a drastic increase, considering we have had no claims (to my knowledge).

However, one item did stick out to me. We have $300,000 coverage for BOD and management "dishonesty". Is this common practice? Don't property management firms carry their own E & O policies?