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Crime Insurance – Discovery Form vs. Loss Sustained Form

By Arthur Proulx

Download PDF   Crime Insurance – Discovery vs. Loss Sustained Form   Introduction A crime insurance policy typically provides several different types of crime coverage, such as: employee dishonesty coverage; forgery or alteration coverage; computer fraud coverage; funds transfer fraud coverage; money and securities coverage; and money orders and counterfeit money coverage. The Surety Association and the Insurance Services Office (ISO) provide standard insurance policy language for the insurance industry’s use, including crime insurance.  We will discuss key differences between ISO’s “Discovery” and “Loss Sustained” crime insurance policy forms. Background Historically, commercial crime insurance was written on a loss sustained…

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Certificates of Insurance – Collection versus Compliance

By Arthur Proulx

Download PDF   Certificates of Insurance – Collection versus Compliance   Introduction The collection of certificates of insurance from third party’s does not mean you have coverage under their insurance, even if in the “Description of Operations” section it identifies coverage extensions to you.  You need to take the next step and review the third party’s key insurance policy language and/or endorsements, to confirm that their insurance policies have been properly issued and/or modified to extend the desired coverages to you. Taking this next step is critical, since when there is a claim, it is not the collected certificate of…

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