[robf1212]

Hello - I currently have an insured who has a crime/fidelity bond with Chubb. The insured is an Attorney who handles closings. Yesterday he had a bank that requires them to be listed as a loss payee. There is a clause on the bond that states they will not make payment to anyone other than the named insured. Has anyone came across this before?

[mbrcatz]

Sounds like they want a true bond, and they want to be listed as an obligee. That would be a true fiduciary bond.You can't make a third party a loss payee, for true CRIME coverage, in most cases.Ask the insured if you can talk to the bank person directly, to see EXACTLY what they are requesting, or get a copy of the request/requirements in writing. If a bond is required - which is common, for escrow accounts - then CRIME coverage isn't going to satisfy the requirement.