What it does
CR 25 19 adds to the scheduled employee theft agreement (per loss or per employee) coverage for loss of money, securities and other property resulting directly from an employee's failure to faithfully perform duties as prescribed by law. The 08 13 edition makes the faithful performance limit part of the employee theft limit, excludes failure of a depository and civil-rights or tort liability (other than conversion of property held for others), and replaces the indemnification condition to protect officials required to give bonds.
Who needs it
States, counties, municipalities and districts whose statutes require faithful performance bonds for officials and employees.
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
- Compare required statutory bond wording with the endorsement; some statutes require separate individual bonds.
- Pair with CR 25 32 for excess over statutory bonds and CR 25 12 for treasurers.
