topic 5 p&c all me dude

topic 5 p&c all me dude - TOPIC 5 Commercial Crime...

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TOPIC 5 Commercial Crime & Equipment Breakdown Insurance (Chapter 4) Overview of Commercial Crime Insurance - Businesses will use different techniques to manage loss exposures that result from criminal acts such as robbery, burglary, & other forms of theft. - These techniques include: Avoidance: ex. Pay EEs by check or direct deposit instead of cash Risk control: ex. Install burglar alarms Insurance: ex. Commercial Crime Forms (THE FOCUS OF THIS CHAPTER) Criminal crime insurance covers criminal acts such as EE theft, robbery, forgery, extortion, and computer fraud ISO Commercial Crime Program - Includes: Crime coverage forms that can be added to the commercial package policy Crime policy forms that can be written as monoline crime policies - Difference between the two mentioned above Policy forms include the conditions contained in the ISO Common Policy Conditions form, thus eliminating the need to attach them to a monoline crime policy. - Each coverage form & policy form comes in 2 versions 1. Discover form: form that covers losses discovered during the policy period even though they have occurred before the policy period. (Versus) 2. Loss Sustained Form: form that covers losses actually sustained during the policy period & discovered no later than 1 year after policy expiration. Financial Institutional Bonds - Insurance policy that covers the crime loss exposures of financial institutions - Called “bonds” b/c 1 of the key coverages that they provide is EE dishonesty insurance, which was traditionally called a “fidelity bond” -
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  • Fall '13
  • theft

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