(a) Each organization shall at all times maintain a fidelity bond covering each officer, director, trustee, partner and employee of the organization, whether or not they are compensated. The fidelity bond may be either a primary commercial blanket bond or a blanket position bond written by an insurer licensed by the California Insurance Commissioner, and it shall provide for 30 days' notice to the Administrative Director prior to cancellation. The fidelity bond shall provide at least the minimum coverage for the organization determined by the following schedule:

(b) The fidelity bond required pursuant to subsection (a) may contain a provision for a deductible amount from any loss which, except for such deductible provision, would be recoverable from the insurer. A deductible provision shall not be in excess of 10 percent of the required minimum bond coverage, but in no event shall the deductible amount be in excess of $100,000.