What it does
The base forms exclude, as indirect loss, costs and fees the insured incurs to establish the existence or amount of a loss. CR 25 40 adds coverage for those expenses, subject to the limit and percentage shown in the schedule for each insuring agreement.
Who needs it
Any insured where a theft would take an outside accountant to quantify, typically businesses with complex books or long-running embezzlements.
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
- Forensic accounting fees in employee theft claims can be significant; recommend this with mid-size and larger limits.
