What it does
CR 20 20 adds a condition to the stand-alone crime policies (and the kidnap/ransom policy) that the premium is based on rates in effect when the policy is issued, and that on each renewal, continuation or anniversary the insurer will compute premium using its rates and rules then in effect. It is common on multi-year or continuous crime policies.
Who needs it
Any stand-alone crime, fidelity or kidnap policy written for a continuous or multi-year term.
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
- On multi-year crime policies, remind the insured the premium can change at each anniversary.
