An error has occurred message is received when creating a custom location type

Description

Attempting to create a custom location type using Esri Maps for Office fails with the message:

"An error has occurred."

This happens in the Add Location Type wizard upon naming a location and clicking the Add button.

Add Location Type wizard

Cause

The cause of this error is insufficient read / write permissions for the EsriMaps folder where the new location type is written.

Solution or Workaround

Note:
The following are the default installation locations of the EsriMaps folder. If another location was chosen during installation, change access permissions there.

C:\Program Files\EsriMaps

C:\Program Files(x86)\EsriMaps

C:\Program Files\EsriMaps