Term
| crime insurance general provisions form |
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Definition
| contains specific conditions, exclusions, and defintions that are applicable to most crime coverages. In the event of a loss, the insured's duties include notifying the insurer as soon as possible and providing proof of loss. |
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Term
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Definition
| are subject to a 'discovery period' that states that a loss will be covered only if it is discovered within 60 days after the end of the policy period |
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Term
losses resulting fom acts committed by named insured
loss resulting by order of a gov. authority
losses resulting from nuc hazards or war related actions |
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Definition
| common crime insurance exclusions |
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Term
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Definition
| the taking of property from inside the premises by a person unlawfully entering or leaving the premises, as evidence by marks of forcible entry or exit. visible marks or damage at the point of entry or exit are needed to confirm |
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Term
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Definition
| the surrender of property away from the premises as a result of a threat communicated to the insured to do bodily harm to an insured or an employee, or to a relative of either, who is or allegedly is being held captive |
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Term
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Definition
| taking property from the care and custody of a person by someone who has caused or threatened to cause bodily harm. |
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Term
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Definition
| the taking of property from within a locked safe or vault by a person unlawfully entering the safe or vault as evidenced by visible marks of forced entry on the safe, and it also includes the removal of a safe from the premises |
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Term
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Definition
| any act of stealing. a broad category. includes all of the more narrowly defined acts of stealing, burglary, and robbery. |
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Term
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Definition
| the named insured, any of the insured's partners, or any employee, while having care and custody of insured property inside the premises, but does not include any person while acting as a watch person or janitor |
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Term
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Definition
| the named insured, any of the insured's partners, or employees, while having care and custody of property outside of the premises |
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Term
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Definition
| the interior of that portion of any building occupied by the insured for the purpose of conducting business |
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Term
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Definition
| any person the insured retains to have care and custody of property inside the premises, and who has no other duties |
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Term
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Definition
| currency, coins, and bank notes in current use and having a face value, and travelers checks, registered checks, and money orders held for sale to the public |
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Term
| property other than money and securities |
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Definition
| any tangible property other than money and securities that has intrinsic value |
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Term
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Definition
| negotiable and nonnegotiable instruments or contracts representing either money or property including tickets, stamps in current use, and evidences of debt in connection with credit or charge cards other than cards issued by the insured. -don't include money |
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Term
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Definition
a type of fidelity bond, which covers losses resulting from employee lies, covering money, securities, and merchandise.
does not cover losses that can only be proved by inventory computation.
-coverage may be written on a blanket basis, covering all employees, per loss basis, or on a scheduled basis, in which the coverage applies per employee.
-scheduled coverage may be written on a named schedule basis, which each covered employee is named or on a position schedule basis, in which just the job title is named |
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Term
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Definition
| protects the insured from losses from _ or _ of outgoing checks drawn against the insured's accounts. doesn't cover _ of incoming checks. Losses caused by dishonestly or criminal acts of any of the insured's employees are not covered |
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Term
| theft disappearance and destruction |
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Definition
broadest crime coverage. form covers loss of money and securities inside the premises or outside the premises while in the care and custody of a messenger, loss or damage to a locked safe or cash register and damage to the premises or its exterior resulting from actual or attempted theft of covered property, and coverage for money and securities outside the premises while in the custody of an armored-car company.
-all-risk crime insurance policy. |
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Term
| robbery and safe burglary |
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Definition
| covers property other than money and securities against inside or outside loss or damage by actual or attempted -. COVERS _ of a custodian inside the premises, damage to the premises resulting from actual or attempted _, _ of a messenger outside the premises, and loss of or damage to covered property outside the premises while in the custody of an armored-car company. |
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Term
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Definition
| also covers property other than money and securities inside the premises, including loss of covered property by actual or attempted burglary or robbery of a watch person. it also covers damage to the premises from a covered burglary or robbery. |
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Term
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Definition
| covers theft of property, including money and securities, directly related to the use of any computer to fraudultenty cause a transfer from inside the premises to a person or place outside the premises. the form does not cover acts of employees or inventory shortages. |
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Term
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Definition
| covers loss of property, including money and securities, resulting from the surrender of property away from the premises as a result of a threat communicated to the insured to do bodily harm to the insured, a relative, or an employee who is held or allegedly held captie. |
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Term
| premises theft and robbery outside the premises |
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Definition
| covers property other than money and securities against theft on the premises or robbery outside the premises |
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Term
| burglary requires forcible signs of entry or exit after business hours |
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Definition
| what does a premises burglary policy cover |
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Term
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Definition
| may be written as part of a commercial package or as a monoline policy. Remember the PAP we studied earlier does not cover these and the CGL excludes coverage for auto liability as well |
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Term
| business auto coverage form |
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Definition
| covers insured vehicles that are owned, leased, hired, or borrowed by a business, including private passenger autos, trucks, trailers, and other commercial vehicles designed for use on public roads |
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Term
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Definition
| include all autos the insured leases, hires, rents, or borrows, but not autos owned by employees. |
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Term
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Definition
| may be covered as a separate category, including all autos owned by employees while being used in the business of the insured |
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Term
| covered autos, liability coverage, physical damage, conditions, definitions |
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Definition
| business auto coverage policy is divided into 5 sections |
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Term
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Definition
| broadest coverage available, which indicates that any auto is covered, including all owned, hired, and non-owned autos |
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Term
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Definition
| provides coverage for only those autos specifically described on the declarations page. a more narrow definition. |
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Term
| combined single limit CSL |
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Definition
| coverage is usually written with a _ of liability for business auto, although split limits are also available. up to the limit selected, the insurer agrees to pay the insured's legal obligation for damages caused by a covered accident resulting in BI or PD to pay the insured's legal obligation for pollution costs resulting from a covered accident, and to defend and settle lawsuits and claims against the insured. duty to defend ends when policy limits are exhausted. |
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Term
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Definition
| designed specifically to meet the needs of insureds who are in the automobile business, such as auto dealers, repair shops, service stations, and parking lots. - major exposures is the bailee's exposure for customers' cars left in the insured's care, custody or control. |
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Term
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Definition
| much broader than business auto, since it provides some premises and operations coverage, products liability and completed operations liability in addition to auto liability. |
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Term
| garagekeepers legal liability |
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Definition
| covers comprehensive and collision damage to customers' cars. actually a bailees' type coverage, providing no-fault-type coverage to customers' autos left in the care, custody, or control of the insured. |
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Term
| drive other car coverage endorsement |
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Definition
| insure a business owner who occasionally drives non-owned autos on personal business |
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Term
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Definition
| such as bulldozers, forklifts and road construction equipment will be considered to be covered autos. |
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