Commercial Crime Policies schedule protection for Burglary or Theft of Cash, but more importantly, they should include a substantial limit for Employee Theft. Employee Dishonesty Bonds protect the client from theft of cash or inventory from one or more employees working alone or in collusion. Cases involving Employee Dishonesty often spans many years and involve surprisingly large sums of money. A proposal presented by an agent for comprehensive property coverage should include some discussion about the need for this protection. Failure to do so may be considered a breach of the Agent’s Standard of Care.
"Inland Marine" is a misleading, antiquated name derived from the need to cover cargo and inventory after it left a shipping vessel and traveled across land to its final destination. Today these forms are used to cover any property anywhere for just about any peril. Standard Commercial Property Forms limit protection to scheduled locations and offer very little coverage for items away from those locations. Inland Marine coverage forms are typically used for cargo, equipment and inventory during deliveries and out in the field. These forms may also be used to cover buildings and materials during the construction process. A proposal presented by an agent for comprehensive property coverage should include some discussion about the need for writing this protection.
Hiring a Commercial Crime Insurance Expert such as Michael Sapourn can protect you from Breach of Contract should an uncovered theft occur. Mike is well versed in insurance contracts due to his decades of immersion in the industry. Protect your agency by giving Mike a call today.