Commercial Crime Coverages

Employee dishonesty is considered to be a criminal act committed by an employee acting alone or in collusion with others. There must be intent by the employee to cause the employer a loss and to obtain a financial benefit for the employee or someone else.

Coverage is provided for dishonest acts of employees of the named insured only. Coverage insures against loss of money, securities, and property other than money and securities. The blanket form provides coverage for dishonest acts of all employees. The limit for blanket coverage applies per loss, regardless of how many employees are involved. The scheduled form provides coverage only for the dishonest acts of employees specifically listed in the policy. On the scheduled form, a separate limit applies to each employee listed on the schedule.

 

Forgery or Alteration

Forgery is generating a document or signature that is not genuine. Alteration is changing a document in a manner that is neither authorized nor intended. This form insures against loss caused by the forgery or alteration of a covered item drawn against the insured’s accounts. A covered item might be a check, draft, promissory note, bill of exchange or similar instrument.

Theft, Disappearance and Destruction

Theft means any act of stealing. Disappearance is unknown causes of loss. Disappearance lacks the elements of knowing if the crime was a theft, burglary or robbery. Destruction is the loss of certain property, it is usually the result of another cause of loss. Section (1) of the form covers money and securities against loss by theft, disappearance, or destruction inside the premises. Section (2) covers money and securities outside the premises in the care and custody of a messenger.

 

Robbery and Safe Burglary

Robbery is the taking of property from a person by the threat of personal injury to that person. Safe Burglary is a specific kind of burglary that means the taking of property from a safe or vault which shows visible signs of forcible entry. This form covers property other than money and securities inside and outside the premises. Property other than money and securities is covered while outside the premises and only in the care and custody of a messenger. Coverage inside the premises is for loss or damage resulting from robbery of a custodian or from safe burglary. A custodian is the named insured or a partner or employee of the insured.

Premises Burglary

Covers property other than money and securities inside the premises. It also covers damage to the insured’s premises resulting from a coverd cause of loss.

 

Computer Fraud

Computer fraud is a specialized kind of thieft where a computer is used to steal property from it’s rightful owner. This form may be added to any commercial property policy.

Extortion

Extortion is the surrender of property away from the premises as a result of a threat of bodily harm to someone who is, or allegedly is, being held captive.

Premises Theft & Robbery Outside

Section (1) covers property other than money and securities inside the premises for aloss caused by actual or attempted theft. Section (2) Robbery Outside the premises covers property other than money and securities while it is in the care and custody of a messenger.