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25 Cards in this Set
- Front
- Back
Discovery Form |
Form that covers losses discovered during the policy period even though they might have occurred before the policy period |
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Robbery
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The unlawful taking of property from the care and custody of a person by who has caused or threatened to cause that person bodily harm; includes situations in which the thief commits an obviously unlawful act that is witnessed by the custodian of the stolen property (such as an observed "smash and grab" theft from a shop window) |
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Computer Fraud coverage
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Coverage for loss covered property due to the use of a computer to fraudulently transfer covered property to the wrongoer. |
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Loss Sustained form
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Form that covers losses actually sustained during the policy period and discovered no later than one year after policy expiration
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Extended Discovery Period
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A specified period following the cancellation of a commercial crime policy; If discovered by the insured during this period a loss that occurred before the cancellation date will be covered under the cancelled policy
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Theft
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the unlawful taking of money securities or other property to the deprivation of the insured |
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Clients' Property endorsement
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extends employee theft coverage to cover employee theft of money securities and other property while in the client's premises that the named insured's client owns or leases a client holds for others or for which a client is legally liable |
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Employee Theft Name or Position Schedule endorsement
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covers employee theft of money securities and other property
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Inside the premises theft of money or securities insuring agreement
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covers the insured's losses caused by theft disappearance or destruction of money or securities while inside the insured's premises or banking premises; requires the insured to prove destruction |
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Custodian
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the insured or his partner or employee having care and custody of the property on the premises excluding watchmen and janitors |
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Forgery or alteration insuring agreement
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covers the insured's losses caused by forgery or alteration of checks promissory notes and similar written promises to pay drawn upon you the insured or by someone purporting to act as your agent; applies worldwide
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Destruction of Electronic Data or Computer Programs endorsement
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covers the cost to restore or replace electronic data or computer programs within the insured's computer system if such property is damaged or destroyed by computer virus or vandalism by a person with unauthorized access to the named insured's computer system |
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Extended Period to Discover Loss condition
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extends the discovery period to (discovery form) one year beyond policy expiration for employee benefit plans and 60 days for all other claims and to (loss sustained form) one year beyond policy expiration |
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outside the premises coverage |
covers money, securities, and other property while outside the premises and in the care of either a messenger or armored vehicle |
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occurence |
includes individual act, combined total of all seperate acts, or a series of acts. defined in policy |
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forgerty or alterations definition of occurrence |
the act must be committed by a person acting alone or in collusion with others and must involve one or more instruments |
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commercial crime gerneral exclusions |
1. acts committed by you 2. acts committed by your employees learned by you prior to the policy period 3.acts committed by your employees, managers, etc 4. confidential and personal information 5. data security breach 6. govermental actions 7. indirect loss 8. legal fees 9. nuclear hazard 10. pollution 11. war |
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indirect loss |
1. business income loss 2. payment of damages for which insured is legally liable 3. expenses incurred in establishing the amoung of loss |
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exclusions for employee theft |
1. inventory shortage 2. trading 3. warehouse receipts |
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exclusions applicable only to inside the premises and outside the premisses |
1. accounting or arithmetical errors or omissions 2. exchanges or purchases 3. fire 4. money operated devices 5. motor vehicles 6. transfer or surrenter of property 7. vandalism 8. voluntary parting with title |
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exclusion only to computer and funds transfer fraud |
1. authorized access 2. credit card transactions 3. exchanges or purchases 4. fraudlent instructions 5. inventory shortage |
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loss sustained during prior insurance issued by us |
1. loss discovered during policy period in dec 2. loss occurred while prior insurance was in effect 3. current insurance became effective when prior insurance expired 4. oss would have been covered by the present insurance |
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loss sustained during prior insurance not issued by us |
1. loss discovered during policy period in dec 2. loss occurred while prior ins was in effect 3. current ins became effective when prior insurance was cancelled 4. loss would have been cov by present ins if insurance had been in force at the time
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commercial crime coverage form definition |
theft includes robbery, safe burgulary, regular burglary, or any other instance of theft. does not have to shoe forcible entry or exit |
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ISO government vs ISO commercial crime |
1. goverment states per employee instead of per loss 2. territory in goverment does not include canada, however forgery is worldwide. 3. government crime has 2 additional exclusions for treasurer and employee that has to be bonded 4. govenment has indemnification conditon |