Commercial Crime Program—Archived Article

February 2003

Introduction

Summary: The crime section of the Insurance Services Office's and the Surety Association of America's commercial lines program was introduced in 1986. The crime program has undergone numerous revisions since its introduction, with the latest changes becoming effective in 2002. This article introduces the changes and sets the stage for an analyses of the new crime coverage forms and endorsements that will appear in subsequent articles.

Topics covered:

General Information

The ISO commercial crime program includes coverage for fidelity loss exposures. ISO has agreed with the Surety Association of America (SAA) to share forms, endorsements, and rating information so that each organization can develop its own crime and fidelity products independently

Crime coverage may be written as part of a package policy or on a monoline basis. It can address the specific coverage needs of commercial and governmental entities. The crime general provisions form, CR 10 00 04 97, is now part of the commercial crime coverage form and the government crime coverage form. Coverages now apply to:

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 Fraud.

7. Funds Transfer Fraud.

8. Money Orders and Counterfeit Paper Currency

Note that the new crime coverage provisions are applicable in most jurisdictions to all policies written on or after July 1, 2002. However, subscribers should check with the insurance department in their respective states to ascertain the exact effective date.

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