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ISO FORM FI 00 40 06 05

SUMMARY: In response to industry feedback that indicated an interest in ISO supporting the entire fidelity line of business, ISO has developed a Financial Institutions Program as a new line of business. This article provides an overview of form  FI 00 40 06 05 FI 00 40 06 05; the form provides liability coverage for financial institutions providing safe deposit boxes; liability coverage is provided for the customers items in the boxes and property while on premises being transferred into or out of the safe deposit box. Defense costs are also covered, and the policy is subject to certain exclusions and conditions which are discussed. Definitions of terms specific to this type of coverage are also analyzed.

Topics covered:

Introduction

Insuring Agreement 1—Liability of Depository

Insuring Agreement 2—Loss of Customers’ Property

Limits of Insurance/Deductible

Exclusions

Conditions

Definitions

Introduction

This policy contains two insuring agreements, and coverage is provided under these agreements when a limit of insurance is listed in the Declarations. The loss must arise from an occurrence and be discovered by a designated person during the policy period. The terms in quotation marks are defined terms and, as such, are discussed subsequently in this article. See Definitions.

This is a discovery form policy; losses that occurred at any time must be discovered during the policy period in order to be covered. Therefore, if a covered loss occurred prior to the effective date of the policy, but was discovered during the policy period, the loss would be covered under this policy.

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