What it does
The base forms apply the limit per occurrence. CR 20 08 converts it to an aggregate limit, so payments for all occurrences in the policy period reduce the amount available.
Who needs it
Used by underwriters to cap exposure on large or poor-loss-history accounts, or to lower premium.
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
- Explain that one large loss can exhaust coverage for the rest of the year.
- Confirm how the aggregate interacts with the ERISA minimum limit.
