What it does
CR 04 10 adds an insuring agreement for securities the insured has placed with another party, such as a custodian bank, broker or depository, which are off the insured's premises and not in a messenger's custody.
Who needs it
Organizations holding physical securities with custodians, such as trusts, foundations, insurers and investment entities.
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
- Most securities today are held electronically; confirm whether physical certificates are involved.
- CR 35 29 includes securities held by a depository in trust.
Related forms
See CR 35 29, CR 04 09.
