Which one of the following is an example of the exclusion for Indirect Loss in the ISO Commercial Crime Coverage Form? Business income losses .
Which of the following would be covered under the crime coverage inside the premises theft of money and securities?
What does the Inside The Premises-Theft of Money and Securities coverage include? Loss of money and securities resulting from theft, disappearance, or destruction as well as damage to the premises if the insured is the owner or liable for the damage .
Which one of these exclusions applies only to the employee theft Insuring Agreement?
The only additional exclusion applying to this coverage is inventory shortage . Unlike the inventory shortage exclusion that applies to the employee theft insuring agreement, this one is silent on whether the insured can use an inventory or profit the loss computation to establish the amount of the loss.
Which one of the following is an insuring agreement contained in an ISO Commercial crime Coverage form?
In the ISO commercial Crime Coverage Form, the insuring agreement that provides employee theft coverage covers money, securities, and other property. Which one of the following would be considered covered “other property” under this insuring agreement? Company supplies .
What is employment theft?
Employee theft is a crime that costs U.S. businesses an estimated $50 billion each year , according to Statistic Brain. More commonly known as embezzlement, it is the crime of an employee taking the personal property of the employer, which was entrusted to that employee.
Which is better loss sustained vs discovery?
The Basics of Loss Sustained Coverage
Unlike Discovery Coverage, Loss Sustained Coverage usually only insures losses that both occur and are discovered during the policy period . Loss Sustained Coverage will typically allow a loss to be discovered and reported for up to one year after the end of policy period.
What is the difference between the loss sustained and Discovery versions of the commercial crime coverage forms?
When one contrasts the “taking place at any time” to “taking place during the policy period”; it is clear that the discovery form can provide much needed historical coverage for an insured that has not purchased coverage previously and/or who purchased amounts of insurance that are less than the current amount; whereas ...
What type of liability would a person who owns a swimming pool have?
The legal term for this duty of care is premises liability .
Which of the following would not qualify as a hired auto?
Hired autos are vehicles your business leases, hires, rents, or borrows that are used in the course of doing business. Vehicles you lease, hire, rent, or borrow from any of your employees , partners, limited liability members, or household members are not considered hired autos.
What is the extra expense coverage form?
Extra expense coverage is a form of commercial insurance that pays for a policyholder’s additional costs while recovering from a major disruption.
Which one of the following is an essential element of robbery?
The crime of robbery involves (1) the taking of the property of another (2) from his or her person or in their presence (3) by violence, intimidation or threat (4) with the intent to deprive them of it permanently. Robbery is thus distinct from the crime of larceny in two important ways.
Which of the following is covered under the Electronic Data Processing floater?
Which of the following is covered under the Electronic Data Processing Floater? Also covered are computers and their components and systems used exclusively in the insured’s computer operation, such as air conditioning or electrical equipment; the other choices are exclusions.
What does a commercial crime policy cover?
Commercial crime insurance provides protection from financial losses related to business-related crime , including theft by employees, forgery, robbery, and electronic crime. ... Fraudulent manipulation of the insured’s computer system, including a hacker transferring funds to an outside account.
Can an employee be dismissed for theft?
Theft is viewed by the courts as a serious disciplinary offence and normally justifies dismissal at first instance regardless of the value of the property involved. ... The sanction of summary dismissal for theft, as such, is seen in most employers’ disciplinary codes in the workplace.
How common is employee theft?
Shockingly, 75% of employees admit to stealing at least once from their employer . Whether it’s a result of entitlement or just general dishonesty, employee theft comes in many forms and at varying degrees.
What are some examples of employee theft?
Examples of this type of employee theft include: Stealing cash funds from registers, safes or petty cash drawers . Overcharging a customer and pocketing the difference . Skimming (not registering a sale or recording a transaction in accounting books and taking the cash)
