What it does
Discovery forms cover loss from an occurrence taking place at any time, if discovered during the policy period. CR 20 05 adds a retroactive date, so the occurrence must take place in its entirety after that date. The schedule can apply the date to the named insured, to listed joint insureds, or to entities, assets or liabilities acquired.
Who needs it
Underwriters use it when writing a new discovery-form account with no prior crime insurance, or when adding acquired entities whose history they do not want to assume.
How it fits the policy
This endorsement changes the base crime or fidelity form it is attached to and is listed with the other endorsements on the declarations. Schedules in the endorsement (names, positions, amounts or dates) control how it applies, so confirm the schedule is complete before binding. ISO's forms index lists the current edition for 52 jurisdictions.
Quoting and selling notes
- Ask the prior carrier history: a retro date set at inception of the first crime policy preserves continuity when moving between discovery carriers.
- CR 20 24 softens the retro date by giving limited coverage for loss occurring before it.
