What it does
CR 25 08 amends the employee definition to include the non-compensated officers shown in the schedule. A schedule can read "All non-compensated officers" or list titles such as members of the board of directors.
Who needs it
Nonprofits, homeowners and condominium associations, and other organizations governed by unpaid officers and boards who sign checks or approve payments.
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
- Board treasurers are a common source of theft at associations; include them.
- Pair with CR 25 02 when a management company handles funds.
