What it does
CR 20 15 provides that covered loss is paid jointly to the named insured and the loss payee shown in the schedule, rather than to the loss payee alone (CR 20 14).
Who needs it
Lenders or contract parties that want to be named on loss checks without taking full control of payment.
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
- Confirm whether the contract calls for "loss payee" or "joint loss payee" wording.
