What does Safe Depository Coverage mean? Read on to discover the definition & meaning of the term Safe Depository Coverage - to help you better understand the language used in insurance policies.
Safe Depository Coverage
Commercial crime coverage plan 8 of the Insurance Services Office, Inc. (ISO), portfolio. Provides coverage for any loss to property located in any safe or box leased to a customer of the insured, other than a financial institution, within the safe deposit vaults located within any of the insured's offices. There are two optional coverage forms. Coverage form M (CR 00 14) applies only to the extent the insured is legally liable. Coverage form N (CR 00 15) covers loss of customers' property regardless of liability. Financial institutions can obtain this coverage through the combined safe depository policy promulgated by the Surety Association of America (SAA) (Form CSD-1).
More Insurance Terms And Definitions
The Merriam-Webster Dictionary defines insurance as:
b: Coverage by contract whereby one party undertakes to indemnify or guarantee another against loss by a specified contingency or peril.
c: The sum for which something is insured.
We hope the you have a better understanding of the meaning of Safe Depository Coverage. If you are looking for the meanings of other important insurance terms and their definitions, just click on the letter below to find the words & concepts you are looking for: