What it does
CR 20 16 adds the name of another entity, such as a client, lender or regulator, that the insurer will notify if the crime policy is cancelled or terminated.
Who needs it
Contractors and service providers whose clients require notice of cancellation of crime coverage; licensed businesses whose regulators ask to be notified.
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 51 jurisdictions.
Quoting and selling notes
- CR 20 17 is the stricter version where notice is a legal requirement.
- Check the number of days of notice the contract demands.
