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Coverage Format

Coverage Format. Coverage may be provided as a Coverage Part on a Package Policy or as a mono-line policy Forms Common Policy Declarations (IL DS 00) Common Policy Conditions (IL 00 17) Crime & Fidelity Coverage Part Declarations (CR DS 01). Coverage Format.

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Coverage Format

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  1. Coverage Format • Coverage may be provided as a Coverage Part on a Package Policy or as a mono-line policy • Forms • Common Policy Declarations (IL DS 00) • Common Policy Conditions (IL 00 17) • Crime & Fidelity Coverage Part Declarations (CR DS 01)

  2. Coverage Format • Commercial Crime Policy Declarations (CR DS 02) • Commercial Crime Coverage Forms • Discovery Form (CR 00 20) • Loss Sustained Form (CR 00 21) • Endorsements

  3. Reasons To Consider Purchasing Any Crime Coverage • Money and securities are excluded from coverage in standard commercial property forms. • Theft coverage on business property is usually available only when coverage is written on a risk of direct physical loss form, such as the ISO Causes of Loss-Special Form.

  4. Reasons To Consider Purchasing Any Crime Coverage • Only a limited amount of coverage is provided on other categories of personal property insured against theft, such as: jewelry, precious metals, furs, stamps, letters of credit, patterns, dies, etc. • Dishonest or criminal acts committed by employees or others involved in the insured business are excluded from standard property coverage.

  5. Commercial Crime Coverage Part Declarations (CR DS 01) • Each coverage selected must have a limit and deductible shown on the Declarations Page • Insurance company issuing the policy should show “Not Covered” in each section where coverage has not been selected • Employee Benefit Plans are provided coverage only when the name of the Plan is shown in the Declarations Page 

  6. Selected Commercial Crime Coverage Form Definitions:

  7. Employee 1. A person the insured directs, controls and compensates directly by salary, wages or commissions. Considered an employee for 30 days after termination. 2. A person employed by an employment contractor while performing service for the insured under the insured's direction and control. This does not include such a person having care and custody of property off premises. 3. An employee does not mean: a. Agent, broker, independent contractor, etc. b. Director or trustee except while in the scope of the usual duties of an employee

  8. Employee benefit plan • Any welfare or pension benefit plan shown in the Declarations that you sponsor and subject to the Employee Retirement Income Security Act of 1974 (ERISA) • Money • Currency, coins, bank notes, travelers checks, money orders, etc. • Valued at face value or at the U.S. dollar equivalent determined by the rate of exchange on the day the loss was discovered

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