Commercial Crime Insurance Declarations

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Commercial Crime Insurance

INTRODUCTION

The Insurance Services Office (ISO) developed a number of advisory declarations to use with the various ISO Commercial Crime Coverage Forms and Government Crime Coverage Forms.

Most insurance companies modify them to meet their specific needs.

There are eight different declarations:

  • CR DS 01-Crime and Fidelity Coverage Part Declarations (Commercial Entities)
  • CR DS 02-Commercial Crime Policy Declarations
  • CR DS 03-Crime and Fidelity Coverage Part Declarations (Governmental Entities)
  • CR DS 04-Government Crime Policy Declarations
  • CR DS 05-Employee Theft and Forgery Policy Declarations
  • CR DS 06-Crime and Fidelity Coverage Part Declarations (Kidnap/Ransom and Extortion Coverage)
  • CR DS 07-Kidnap/Ransom and Extortion Policy Declarations
  • CR DS 08-Government Employee Theft and Forgery Policy Declarations

The following analyses are of the ISO advisory CR DS 01-Crime and Fidelity Coverage Part Declarations (Commercial Entitles) and CR DS 02-Commercial Crime Policy Declarations.

CR DS 01-CRIME AND FIDELITY COVERAGE PART DECLARATIONS (COMMERCIAL ENTITIES)

Header

This section has a space to enter the policy number and the type of coverage provided. The choices are:

  • Primary
  • Excess
  • Co-indemnity
  • Concurrent

Note: Many insureds offer employee benefit plans to their employees. The name(s) of the plan(s) must be entered on the declarations if they are to be insured under the crime portion of a package policy. Naming the plan is not required with other coverage parts. As a result, the crime declarations contains a special area where the plan can be added as a named insured without affecting other package policy parts.

Insuring Agreements, Limits of Insurance, and Deductible Amounts

This section has spaces to enter the limits of insurance per occurrence and the deductible amounts per occurrence for the following insuring agreements:

  1. Employee Theft
  2. Forgery or Alteration
  3. Inside the Premises-Theft of Money and Securities
  4. Inside the Premises-Robbery or Safe Burglary of Other Property
  5. Outside the Premises
  6. Computer and Funds Transfer Fraud
  7. Money Orders and Counterfeit Money

Entering “Not Covered” next to any insuring agreement deletes that insuring agreement and any reference to it in the coverage form.

Endorsements and Insuring Agreements

This section has spaces to enter the following:

  • Insuring agreements that are not part of the coverage form that must be added by endorsement, including their limits of insurance per occurrence and their deductible amounts per occurrence.
  • Endorsements attached to the policy when it is issued.

Cancellation of Prior Insurance by Us

This section has space to list prior policy numbers for coverage that was terminated when this coverage took effect.

Countersignature of Authorized Representative

This section has spaces to enter the following information on the countersigning authorized representative:

  • Name
  • Title
  • Signature
  • Date countersigned

CR DS 02-COMMERCIAL CRIME POLICY DECLARATIONS

Header

This section has a space to enter the policy number and the type of coverage provided. The choices are:

  • Primary
  • Excess
  • Co-indemnity
  • Concurrent

This section also has spaces to enter the following:

  • Name of the Insurance Company that provides coverage
  • Name of the Producer that places the insurance
  • Named Insured (This also includes the name or names of Employee Benefit Plans to be included as insureds.)
  • Named Insured’s Mailing Address
  • Policy period start and end dates
  • The policy period begins at 12:01 a.m. at the named insured’s mailing address.

Insuring Agreements, Limits of Insurance, and Deductible Amounts

This section has spaces to enter the limits of insurance per occurrence and the deductible amounts per occurrence for the following insuring agreements:

  1. Employee Theft
  2. Forgery or Alteration
  3. Inside the Premises-Theft of Money and Securities
  4. Inside the Premises-Robbery or Safe Burglary of Other Property
  5. Outside the Premises
  6. Computer and Funds Transfer Fraud
  7. Money Orders and Counterfeit Money

Entering “Not Covered” next to any insuring agreement deletes that insuring agreement and any reference to it in the coverage form.

Endorsements and Insuring Agreements

This section has spaces to enter the following:

  • Insuring agreements that are not part of the coverage form that must be added by endorsement, including their limits of insurance per occurrence and their deductible amounts per occurrence.
  • Endorsements attached to the policy when it was issued.

Cancellation of Prior Insurance by Us

This unique part of the declarations requires listing previous crime policies that this insurance company issued for the named insured. They are canceled as of the effective date of this policy when the named insured accepts this policy.

Countersignature of Authorized Representative

This section has spaces to enter the following information on the countersigning authorized representative:

  • Name
  • Title
  • Signature
  • Date countersigned

DIFFERENCES BETWEEN THE TWO DECLARATIONS

CR DS 02-Commercial Crime Policy Declarations is identical to CR DS 01 with two exceptions:

  1. The information usually on the Common Policy Declarations is moved to the Crime Policy Declarations.
  2. The section on employee benefit plans is removed. This is because the employee benefit plan is listed as one of the policy named insureds if it is to be covered.