What it does
The base crime forms exclude theft and other dishonest acts committed by the named insured's partners. CR 25 03 brings partners within the employee definition so that a partner's theft of firm property can be covered under Employee Theft, on the terms and amounts set out in the endorsement.
Who needs it
Partnerships such as accounting, law, medical and architectural practices, where one partner could misappropriate firm or client funds.
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 how many partners there are and who controls the accounts.
- For LLCs use CR 25 04.
