General Riders for Financial Institution Bond 24
June, 1996
Riders/Endorsements for Modifying Coverage
Summary: There are a number of general riders and endorsements that may be attached to the standard financial institution bond form 24 which modify or amend coverage. This discussion lists, and explains where necessary, these endorsements. Some of the more commonly used riders are reviewed in detail
Topics covered:General Riders
General Riders
Agents coverage to cover scheduled agents (Savings Banks and Savings and Loan Associations only) SR 5976c. This rider amends the definition of “employee” in Section 1 of the bond to include any person, partnership or corporation listed by name as an Agent and any employee, partner or officer of such entity. The entity must be duly elected or appointed by the insured to serve as its agent in the ordinary conduct of its business. Specifically excluded from coverage are (a) servicer of real estate mortgage or home modernization loans, (b) managers of real property owned by or under the control of the insured, (c) data processors of checks or other accounting records of the insured, and (d) independent software contractors.
The total limit of liability is the amount of coverage scheduled for that agent.
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