| There are several types of policies that can protect a business from losses resulting from crime. Policies may be issued on a "discovery" or "loss sustained" basis. Discovery coverage pays for losses occurring at any time and discovered during the policy period or the extended reporting period. Loss sustained coverage, on the other hand, pays for losses sustained during the policy period and discovered during the policy period or extended reporting period.
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Common Crime Coverages Include:
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Loss of glass and money due to theft pays for damage to glass and any loss of money resulting from a break-in. |
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Robbery and safe burglary, property other than money is a more limited form of coverage that does not include money or securities.
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Forgery or alteration protects a business against forgery or alteration of checks, drafts, promissory notes, or other directions to pay.
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Theft, disappearance, and destruction coverage insures money, securities, and other property against loss, both on premises or in the custody of an employee or messenger while off premises. |
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