What it does
The base crime forms cover money and securities inside the premises against theft, disappearance and destruction (Insuring Agreement 3). CR 04 07 offers a narrower named-peril alternative limited to robbery of a custodian and safe burglary, which underwriters use when they will not offer the broad agreement, for example for cash-heavy risks.
Who needs it
Cash-intensive businesses where underwriters restrict money coverage: convenience stores, bars, restaurants, check-cashing and similar operations.
How it fits the policy
Optional insuring agreements like this one are not part of the base forms. When attached, the agreement and its limit and deductible are shown in the declarations under the insuring agreements added by endorsement, and the agreement is subject to the base form's general exclusions and conditions, including the discovery or loss sustained trigger of the form it is attached to. ISO's forms index lists the current edition for 52 jurisdictions.
Quoting and selling notes
- Explain to the insured that disappearance, destruction and non-violent theft of money are not covered under this narrower agreement.
- Ask about cash on hand overnight, safe ratings and deposit schedules.
