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.
Who would be covered under a commercial crime policy?
Crime Insurance provides coverage against: The direct loss from dishonest or fraudulent acts committed by your employees or third parties. The loss of money, securities or property whether on your premises or in transit. Forgery of negotiable instruments such as cheques and for losses arising from third party.
What are the two major sections of a commercial crime policy?
Coverage is divided into two primary classes: Those designed to cover theft or dishonesty on the part of employees, and those designed to cover dishonest acts of persons who are not employees of the insured.
Who is the messenger in a commercial crime policy?
Messenger means any Insured or Employee duly authorized by the Insured to have care and custody of Money, Securities or the Insured's 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 is a loss sustained basis?
Contrasted with the Loss Sustained basis, which provides coverage for losses that are sustained during the policy period or within the period of time provided in the Extended Period to Discover Loss Condition; which is typically one year from the policy expiration or termination date.
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.