What it does
CR 04 12 is for businesses that run a safe depository for others. It covers loss of customers' property in the insured's boxes or vaults, an exposure the insured otherwise faces as a bailee.
Who needs it
Private vault companies and financial institutions that rent safe deposit boxes to customers.
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 40 jurisdictions, so confirm it is approved in the insured's state.
Quoting and selling notes
- Ask about vault construction, access controls, and how box contents are recorded.
- Some states are not on the ISO list for this endorsement; confirm availability.
Related forms
See CR 04 09, CR 35 40.
