What it does
Employee Theft excludes loss resulting from trading, whether in the insured's name or in a genuine or fictitious account. CR 25 16 adds back trading-related employee theft subject to the limit in its schedule. In the 06 22 program it also took over ERISA wording that used to sit in CR 25 47.
Who needs it
Businesses whose employees trade securities, commodities or currencies, such as investment firms, grain dealers and commodity users.
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
- Ask about trading authority limits and oversight.
- Rogue-trading exposures often need specialist markets.
