In commercial crime insurance, who is typically considered a custodian?

In commercial crime insurance, a custodian is specifically defined as individuals who are entrusted with the responsibility for handling cash, securities, and other valuable items on behalf of the insured entity. This definition emphasizes the role of custodians as individuals who actively engage in managing or safeguarding the company's monetary assets or sensitive materials.

This classification is crucial in determining coverage and exclusions under the commercial crime insurance policy, as custodians are typically the primary point of responsibility for the security and integrity of the insured's assets. By understanding the definition and role of custodians, businesses can better assess their risk exposure related to employee theft, fraud, or mishandling of valuables.

Other potential definitions or roles, such as employees or visitors, do not align with the specific responsibilities and access levels associated with custodians. Thus, individuals who merely have access to the premises or who are visiting do not meet the criteria for being classified as custodians within the context of this insurance policy. This focus on the role of custodians as the key handlers of cash and securities helps to clarify the layers of coverage and risk management needed in a commercial environment.