Long Overall Out Lace Backless Beach Hollow Double Sheer Evening Dress w Layered Womens Dress Strap B18Rq Long Overall Out Lace Backless Beach Hollow Double Sheer Evening Dress w Layered Womens Dress Strap B18Rq

Long Overall Out Lace Backless Beach Hollow Double Sheer Evening Dress w Layered Womens Dress Strap B18Rq

Imagine this nightmare scenario: one day you wake up to discover one of your most trusted employees has been stealing from you. He’s been forging checks, embezzling thousands in company funds in the two years he was able to operate undetected. To make matters worse, it all started before you increased the crime loss coverage on your commercial insurance policy.

Layered Dress Long Strap Evening Sheer Out Hollow w Backless Double Overall Beach Lace Dress Womens Will your company be covered, or will you be left holding the bag? 

The answer depends on which type of crime coverage you have. In this post, you’ll learn the differences between the two main forms of crime coverage, as well as what each means for your business when it comes to recovering losses due to fraud

Little Words, Big Difference

Crime insurance policies frequently offer several types of coverage. These include employee dishonesty, forgery, computer fraud, funds transfer fraud, money and securities coverage, and coverage for money orders and counterfeit money. 

Backless Strap Out Dress Dress Beach Double Evening w Hollow Long Lace Sheer Layered Overall Womens Crime coverage is written in one of two ways. If your policy allows claims on a discovery basis, it means you’re covered for losses discovered during the policy period (and often for some period thereafter). Under the discovery form of coverage, it doesn’t matter when the loss occurred—only that you have coverage at the time of discovery.

Sheer Overall Layered Dress Lace Out Long Backless Double Dress Evening w Womens Strap Beach Hollow This form of coverage is similar to claims-made coverage, but even better. That is, if you’ve increased your limits since the crime occurred, the increased limit would apply to the loss. Even if it happened before you increased your coverage.

The other main form of crime coverage is structured on a loss sustained basis. Under loss sustained wording, claims are only allowed for those losses that were both sustained and discovered during the policy period. 

The loss sustained form will typically only cover losses under a prior crime policy if all three of the following conditions are met: 1) the previous policy was in effect when the loss occurred; 2) there has been continuous crime coverage; and 3) the loss is covered by both the prior and the current policy. Sustained loss policies are often compared to occurrence type liability policies. 

The Bottom Line

So what does this all mean for crime that happens at your company? 

Under the sustained loss form, a loss must occur—and be discovered—during the policy period in order to be covered. Contrast this with the discovery form, which only requires the loss be discovered during the policy period, no matter when the incident occurred. 

In dealing with the check forgery incident described above, your company would recover less damages under the loss sustained form than under the discovery form. 

This is because loss sustained only covers losses if your company has maintained crime insurance uninterrupted. And only up to the limits on those policies when the fraud took place. Contrast this with the discovery form of crime coverage, which covers losses that happened under a different policy, or even no policy at all. 

Obviously, this is a simplified example given for illustration purposes. In reality, the specific details on your policy will dictate how you’re covered against fraud. For instance, the discovery form can have a retroactive date limiting the extent of historical coverage, while the loss sustained form may cover a past crime if the policy has a “tail” that covers you after the policy is no longer in effect.

The most important thing to know is that there are huge differences in the way your company’s exposures to fraud are covered. And while it’s easy to see why the discovery form has become such a popular choice, there’s still a lot of confusion over how these forms of crime coverage work. Make sure your agent knows the difference, as well how to best protect your business against crime loss.

Description

  • 100% Brand New.
  • Brand: ACEVOG
  • Material: Lace, Spandex, Polyester
  • Sleeve Style: Sleeveless
  • 6 Colors Available: Black, White, Green, Rose red, Gray, Apricot
  • Dress Length: Ankle-Length
  • Strap Length: Mini
  • Item: Lace Dress + Spaghetti strap dress
  • Size: There are Five sizes (S, M, L, XL, XXL)available for the following listing. please allow 1-2cm differs due to manual measurement, thanks (All measurement in cm and please note 1cm=0.39inch)
  • NOTE: Please compare the detail sizes with yours before you buy!!!
  • Hint for choosing proper size:
  • 1. Use similar clothing to compare with the size.
  • 2. Choose larger sizes if your size are same as the flat measurementSize chart
  • Attention:
  • 1.Please ignore the tag size comes with the cloth. The tag size sometimes can be a larger than our description size because those are for Chinese. We are 1 or 2 sizes smaller than European and American people.
  • 2.As different computers display colors differently, the color of the actual item may vary slightly from the above images, thanks for your understanding.
  • Package Content:1 x Lace Dress w/ spaghetti strap dress
Product Code
APPWOMENS-SHEERBETT568095182CC94B
Color
Red
Size
S
Occasion
Casual
Length
Maxi
Pattern
Solid
Sleeve
Sleeveless
Neck Type
Round
Gender
Women
International Product
World Store
Anatomy of a Crime Loss
February 6, 2014
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