Bank requires fidelity bond from condo association for unit refinance

I'm in process of refinancing my condo which is part of a 26 unit complex.  Our bank requires a fidelity bond before I can close. Board of directors (5 individuals) have decided we don't need since our other insurance is sufficient. Now I'm going to lose a great interest rate and $362 a month savings. Anything I can do? I've even offered to pay the $650 to obtain the bond.