What it does

The base forms exclude dishonest acts by the insured's "members". CR 25 04 amends the employee definition to include members of the named insured LLC, so a member's theft of company property can be covered under Employee Theft, on the terms set out in the endorsement.

Who needs it

Multi-member LLCs where one member handles money or books.

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

• Single-member LLCs gain little: the excluded person is effectively the owner.
• Partnerships use CR 25 03.

Related forms

See CR 25 03.