Safe Depository Coverage

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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

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).

We hope the you have a better understanding of the meaning of Safe Depository Coverage.

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