What it does
CR 00 28 is a stand-alone ISO policy limited to the fidelity and forgery or alteration insuring agreements. The 06 22 edition renamed it; it was previously titled Employee Theft And Forgery Policy (Discovery Form).
This is the discovery version: it pays for loss from an "occurrence" taking place at any time, as long as the loss is discovered by a designated person during the policy period or the extended period to discover loss (60 days after cancellation, or one year for an ERISA plan). A retroactive date can be added with CR 20 05 to cut off old acts.
Who needs it
Businesses, nonprofits and plan sponsors that want only employee dishonesty and forgery protection, for example to bond an ERISA plan or to meet a lender, franchisor or contract requirement, without buying the full crime policy.
Key provisions
The fidelity agreement includes employee theft, ERISA plan official dishonesty and employee theft of clients' property, each with its own limit in the declarations; ERISA plan losses carry no deductible and must meet the ERISA minimum limit. Common endorsements that add or remove persons as employees (CR 25 01, CR 25 41, CR 25 09) and the virtual currency endorsement CR 25 46 are written for this policy.
Quoting and selling notes
- Confirm whether the client also needs theft of money from the premises, computer fraud or social engineering; if so, quote the full crime policy instead.
- For a plan bond, list each ERISA plan as an insured and check the limit against 10% of plan assets handled.
- Ask how many employees handle money, checks or plan assets.
