Chapter_13_Insurance

Chapter_13_Insurance - measures: Executives must maintain...

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Chapter 13 Insurance
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The Value of Insurance in a Total Loss- Prevention Program Insurance must be thought of as supportive of security operations, rather than as the principal defense. Insurance should not be used as a substitute for a comprehensive security program.
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Types of Insurance (pg. 242-248) Fidelity Bonds : Commonly referred to as honesty insurance, this coverage provides remuneration for losses attributed to employee dishonesty. 3-D Policies : Comprehensive dishonesty, destruction, and disappearance coverage. Is extremely flexible. Possible areas covered may include burglary, robbery, employee theft, and counterfeit currency.
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Types of Insurance (con’t) (pg. 242-248) Kidnap and Ransom Insurance : These policies generally cover all costs associated with the recovery of a kidnapped executive or relative including costs of information and loss of ransom money. Some coverage requires that companies institute certain basic security
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Unformatted text preview: measures: Executives must maintain secrecy about the existence of coverage. Every effort must be made to contact the police, the FBI, and the insurance company before the payment is made. Serial numbers on ransom money must be recorded. A plan of action for dealing with kidnapping must be in place. Insuring against crime (pg. 247-248) While there are various types of crime insurance that may cover the insured in the event of loss from robbery, theft, forgery, burglary, etc. It is important to know the specific coverage involved in any such policy and the circumstances under which recovery for losses is allowed. For example: For a insurance company to pay in the event of a burglary, there must be evidence of forced entry, such as broken locks or windows, tool marks, or other clear evidence that burglary was committed. Just because items are missing, will no way be enough to establish that a burglary has taken place....
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This note was uploaded on 04/13/2008 for the course CJ 385 taught by Professor Nalla during the Spring '08 term at Michigan State University.

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Chapter_13_Insurance - measures: Executives must maintain...

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