What it does
CR 04 17 was the endorsement used with the 11 15 crime forms to add coverage when an employee is tricked into transferring funds by someone impersonating a vendor, client or executive (social engineering). In the 06 22 forms this coverage is Insuring Agreement 7, Fraudulent Impersonation, with its own declarations limit and a verification condition, and carriers list CR 04 17 among the forms replaced by the 06 22 editions.
Who needs it
Policies still written on 11 15 forms may carry it; new business on current forms does not need it.
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.
Quoting and selling notes
- On renewal from an 11 15 policy, confirm the 06 22 declarations show a Fraudulent Impersonation limit; it is not automatic.
- Review the verification condition with the client's accounts payable staff.
