ERISA Bond - owners of an S Corp

I shouldn't have to ask this question for as long as I've been doing this but here goes.  We have a plan sponsor - an S Corp with 2 owners covered by a new plan.  There are no other covered participants.  I assume they are exempt from the ERISA bond coverage? 

Most things I read indicate plans covering only a single-owner (and potentially a spouse) or a plan covering only partners of a partnership (and spouses) are exempt.  

The longer I do this, the more I question myself.  🤔

Thank you,

Tom

My 2 cents.

Yes you do need it but there might be an exemption, I am sure others will chime in and correct me.

You are correct on the second paragraph and it even includes children of the owners if and only if the sponsor is an s-corp - it is in the 5500EZ instructions.

They may be exempt, but consider whether they might want to get coverage anyway. No one ever thinks their co-owner will be dishonest, but what if they are? To me, it's a small price to pay for some reassurance.