What it does
CR 00 29 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 (Loss Sustained Form).
This is the loss sustained version: the occurrence must take place during the policy period and be discovered within the policy period or the extended discovery period that follows it. Loss that happened under an earlier policy is picked up only through the prior-insurance provisions, so continuous coverage matters when changing carriers.
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.
