Commercial Crime Checklist and Policy Questions

What this coverage question is really about

Commercial Crime Checklist and Policy Questions is best evaluated by starting with the exposure: crime-related losses involving money, securities or dishonest acts. Depending on the policy, it may address employee theft, forgery, computer/funds-transfer or money-related losses depending on the form. The exact form, endorsements, limits, definitions, exclusions, and conditions control.

Important caution: social engineering, cyber events, inventory shortages and discovery periods need precise wording.

Policy wording to locate

Ask for the declarations page, forms list, and endorsement schedule before relying on a summary.

• Insuring agreement or coverage grant.
• Definitions that describe covered persons, property, services, autos, locations, or events.
• Limits, sublimits, deductible or retention, and aggregate structure.
• Exclusions and endorsements that change the base form.
• Territory, policy period, reporting or notice conditions when relevant.

Questions before buying

Use the same exposure description with every provider so answers are comparable.

• Does the quoted form match the business’s actual crime-related losses involving money, securities or dishonest acts?
• Which situations are handled by a different policy line?
• Which endorsements are required by a lease, client, lender, venue, or project?
• What documents will the insurer request at audit, renewal, certificate issuance, or claim time?

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