Table of Contents
What is the difference between the loss sustained and Discovery versions of the Commercial Crime Coverage form?
Under a “loss discovered” form, coverage applies to loss that is discovered during the policy period regardless of when the act/ loss took place, which makes these forms preferable. Under a “loss sustained” form, coverage applies when a loss is actually sustained.
What is a loss sustained form?
The loss sustained form covers loss that occurs and is discovered during the policy period or within one year after policy expiration. This form has been in use the longest.
What is a loss sustained form?
The loss sustained form covers loss that occurs and is discovered during the policy period or within one year after policy expiration. This form has been in use the longest.
What is loss sustained?
Actual loss sustained is often part of business interruption coverage. It covers the loss of income sustained while access to the insured's business is prohibited by order of civil authority or as a result of physical loss or damage of their property from a covered peril.
What is the difference between the loss sustained and Discovery versions?
Under a “loss discovered” form, coverage applies to loss that is discovered during the policy period regardless of when the act/ loss took place, which makes these forms preferable. Under a “loss sustained” form, coverage applies when a loss is actually sustained.