Table of Contents
What is commercial crime in South Africa?
Commercial crimes can be categorised as simple as bank fraud to more complex tax schemes to intricate cybercrimes that span the globe. The SCCU's seasoned prosecutors are trained to understand, investigate, and prosecute each of these diverse types.
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 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.
Who is the messenger in a commercial crime policy?
“Messenger” shall mean the Insured, any of the Insured's partners or Employees while having care and custody of property outside the Premises.
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 are commercial crimes?
Defined as financially motivated, nonviolent crime committed by businesses and government professionals.
What are priority crimes in South Africa?
The Hawks are the
' Directorate for Priority Crime Investigation (DPCI), which targets organised crime, economic crime, corruption, and other serious crime referred to it by the President or another division of the South African Police Service (SAPS).
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.