What it does
CR 00 31 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 Government Employee Theft And Forgery Policy.
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
Public entities that want only the fidelity (employee theft) and forgery protection, often to meet bonding requirements, without the premises, computer fraud and impersonation agreements.
Key provisions
It uses the government employee definitions and statutory-bond endorsements (CR 25 12, CR 25 19, CR 25 32). 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.
