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Commercial Crime
Employee Dishonesty
Employee dishonesty is considered to be a criminal act committed by an employee acting alone or in collusion with others. There must be intent by the employee to cause the employer a loss and to obtain a financial benefit for the employee or someone else.
Coverage is provided for dishonest acts of employees of the named insured only. Coverage insures against loss of money, securities, and property other than money and securities. The blanket form provides coverage for dishonest acts of all employees. The limit for blanket coverage applies per loss, regardless of how many employees are involved. The scheduled form provides coverage only for the dishonest acts of employees specifically listed in the policy. On the scheduled form, a separate limit applies to each employee listed on the schedule.
Forgery or Alteration
Forgery is generating a document or signature that is not genuine.
Alteration is changing a document in a manner that is neither authorized nor intended.
This form insures against loss caused by the forgery or alteration of a covered item drawn against the insured's accounts. A covered item might be a check, draft, promissory note, bill of exchange or similar instrument.
Theft, Disappearance and Destruction
Theft means any act of stealing.
Disappearance is unknown causes of loss. Disappearance lacks the elements of knowing if the crime was a theft, burglary or robbery.
Destruction is the loss of certain property, it is usually the result of another cause of loss.
Section (1) of the form covers money and securities against loss by theft, disappearance, or destruction inside the premises. Section (2) covers money and securities outside the premises in the care and custody of a messenger.
Robbery and Safe Burglary
Robbery is the taking of property from a person by the threat of personal injury to that person.