| Crime is
a simple word for a multitude of dishonest acts.
Crimes range from a simple street robbery to a
safe burglary to a kidnapping. These definitions
may help our look at crime insurance: •
Burglary - entering and leaving
a premises with no legal right
• Robbery - taking property
from a person by threat of physical or mental
harm
• Theft - a catch-all
category including the terms above
• Extortion - surrender
of property by threat to of physical or mental
harm to a person or related third party
• Embezzlement - theft
of others' property in your care
Before you buy crime insurance, review the coverage
in your existing property insurance policies.
Is your property insurance policy on a named
peril basis? Or is it on an "everything
is covered except" basis? It makes a difference!
If it's a named peril, your need for separate
crime insurance is likely to be important.
Crime insurance covers a broad range of activity:
• robbery
• burglary
• theft
• disappearance and destruction
• fraud
• forgery
• embezzlement
The available insurance coverage is divided
into a number of areas. These cover only specific
types of crimes. Make sure you and your agent
consider your particular exposures to crime.
Some businesses need coverage for outside sign
theft. Other businesses require coverage for
safe burglary. Others require only employee
dishonesty coverage.
Some crime coverage may be available in other
insurance policies. For example, kidnapping
can be part of a Directors and Officers policy.
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