Term
| Commercial crime insurance |
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Definition
| Insurance that covers (1) money and securities against numerous perils (not limited to crime perils) and (2) property other than money and securities against crime perils, such as employee theft, robbery, theft by outsiders, and extortion (p. 5.4) |
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Term
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Definition
| Form that covers losses discovered during the policy period even though they may have occurred before the policy period. (p. 5.4) |
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Term
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Definition
| Form that covers losses actually sustained during the policy period and discovered no later than one year after policy expiration (p. 5.4) |
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Term
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Definition
| The unlawful taking of money, securities, or other property to the deprivation of the insured. (p. 5.6) |
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Term
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Definition
| Signing the name of another person with intent to deceive. (p. 5.10) |
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Term
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Definition
| Something done to a written instrument that changes its meaning or terms without the consent of all parties to the instrument. (p. 5.10) |
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Term
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Definition
The unlawful taking of property from the care and custody of a person by one who has caused or threatened to cause that person bodily harm; includes situations in which the thief commits an obviously unlawful act that is witnessed by the custodian of the stolen property (such as an
observed "smash and grab" theft from a shop widow). (p. 5.13) |
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Term
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Definition
| The named insured, any of the named insured's partners or members, or the named insured's employee while having care and custody of the property inside the premises; excludes any person while acting as a watchperson or janitor. (p. 5.13) |
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Term
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Definition
| The unlawful taking of property from within a locked safe or vault by a person unlawfully entering the safe or vault as evidenced by marks of forcible entry upon its exterior; includes the unlawful taking of the entire safe or vault from inside the premises. (p. 5.14) |
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Term
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Definition
| The named insured, a relative of the named insured, any of the named insured's partners or members, or any of the named insured's employees while having care and custody of property outside the insured premises. (p. 5.15) |
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Term
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Definition
| Coverage for loss of covered property due to use of a computer to fraudulently transfer covered property to the wrongdoer. (p. 5.16) |
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Term
| Financial institution bond |
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Definition
| A policy that covers the crime loss exposures of financial institutions such as banks, savings and loan institutions, and insurance companies. (p. 5.30) |
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Term
| Equipment breakdown insurance |
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Definition
| Insurance that covers loss due to the accidental breakdown of almost any type of equipment that operates under pressure or that controls, transmits, or uses mechanical or electrical power (p. 6.3) |
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Term
| Expediting expenses coverage |
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Definition
| Coverage for the reasonable extra cost to make temporary repairs in order to speed up (expedite) permanent repairs or replacement of covered property. (p. 6.8) |
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Term
| Contingent business income and extra expense coverage |
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Definition
| Coverage for business income and extra expense loss due to equipment breakdown occurring at a location, shown in the declarations, that the insured does not own or operate. (p. 6.12) |
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Term
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Definition
| Condition that allows the insurer to immediately suspend equipment breakdown insurance on an item of equipment that the insurer determines to be in a dangerous condition (p. 6.15) |
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Term
| Joint or Disputed Loss Agreement |
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Definition
| Condition that addresses claim situations in which the insured's equipment breakdown insurer and the insured's commercial property insurer disagree on which insurer covers a loss; each insurer pays half the loss to quickly indemnify the insured; insurers then resolve their differences. (p. 6.17) |
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