CR 04 07–INSIDE THE PREMISES–ROBBERY OF A CUSTODIAN OR SAFE BURGLARY OF MONEY AND SECURITIES

(February 2026)

INTRODUCTION

This endorsement should be used when the broader coverage offered in Insuring Agreement 3. – Inside the Premises–Theft of Money and Securities is either unavailable or provides more coverage than the insured wants to purchase.

NOTE: Custodian means the named insured, partners, members, and employees who have control of the property. It does not include persons who perform the duties of either a janitor or a watchperson.

This analysis is of the 06 22 edition. Material changes are bolded, but format changes that do not affect coverage are not highlighted.

ELIGIBILITY

This coverage can be added to any Insurance Services Office (ISO) Commercial Crime or Government Crime Coverage Form or Policy.

ANALYSIS

This is an endorsement to the ISO Commercial Crime or Government Crime Coverage Forms and Policies and is subject to their conditions, definitions, and exclusions. The only changes are those within the endorsement.

INSURING AGREEMENT

Section A. Insuring Agreement of the policy or coverage form now includes the following:

Inside The Premises – Robbery of a Custodian or Safe Burglary of Money and Securities

Coverage applies to the following:

· Loss of money and securities resulting from the robbery of a custodian inside the insured premises, or from a safe or vault burglary or attempted burglary on the insured’s or a financial institution's premises.

Example: Nancy is working late when she hears someone enter the premises. The intruder demands that she hand over the day’s receipts. Nancy complies, and the intruder then leaves. The loss of money and securities is covered because Nancy was acting as a custodian and was on the premises at the time of the incident.

· Property damage to the premises or exterior of the premises caused by actual or attempted robbery or safe burglary. However, coverage is only provided if the named insured owns the premises or is legally liable for the damage.

· Damage to a safe or vault inside the insured premises resulting directly from an actual or attempted robbery or safe burglary is covered only if the safe or vault was locked.

Example: Burglars break into Joey’s store and head directly for the safe. They are ready to break into it but find the door had been left open. They take everything inside the safe. Joey submits a claim, but the investigation shows the safe was not locked when the items were stolen, so the claim is denied.

LIMIT OF INSURANCE

The maximum amount payable for a loss caused by an occurrence is the Limit of Insurance listed on the Declaration.

DEDUCTIBLE

A loss must exceed the deductible listed in the Declarations before any payment is issued, and even then, only up to the Limit of Insurance.

EXCLUSIONS

With the 0622 editions, exclusions now have headings.

CR 04 08 adds the following exclusions to Section D.2. Additional Exclusions Applicable to Specific Insuring Agreements:

The following exclusions are not covered under this endorsement:

· Fire

Loss caused by fire is excluded, regardless of the cause.

However, there are two exceptions:

o Fire damage to money and securities

o Fire damage to a vault or safe is covered.

NOTE: With the 06 22 edition, Transfer or Surrender of Property has been removed due to the new exclusion for Kidnap, Ransom, Extortion, and Other Unlawful Demands in the coverage form and policy.

· Vandalism

Loss resulting from damage to the premises, its exterior, or any other property attributable to vandalism or malicious mischief.