(800) 869-8643

admin@hayesbrokers.com

Crime Insurance: The Basics

Crime Insurance: The Basics

When you think of a crime being committed at your business, the first thing you probably think of is a theft. The good news: your Special Form including Theft property policy covers theft. The bad news? It doesn’t cover other types of crime. What other types of crime? I’m glad you asked! Things such as employee theft, forgery, robbery (but isn’t that theft?), even computer fraud, are all types of crime that your property policy doesn’t cover. Isn’t All Theft Just That – Theft? The Commercial Property Causes of Loss – Special Form (CP 10 30) does include theft, but contains the following exclusion:           The policy excludes coverage for dishonest or criminal acts performed by anyone within your organization at any time. Even leased employees are excluded. In addition, only certain types of physical theft are covered by a commercial property policy. A breakin must show signs of forced entry to be considered theft. If your employees take things during business hours and hand them off to cohorts “on the outside”, their crimes do not fulfill the definition of property theft without forcible entry. Items stolen must also be physical items. Commercial property policies do not cover money and securities, or property other than money or securities that have intrinsic value. Money and securities are defined as currency, coins, current banknotes, traveler’s checks, money orders, tokens, tickets, revenue and other stamps, as well as credit card receipts. None of these items are covered under a standard property insurance policy. What Does Crime Insurance Cover? While limited in scope, Crime Insurance Policies cover 8 types...
The ABCs of Elder Care

The ABCs of Elder Care

As the Baby Boomer population continues to age, the number of assisted living facilities in the US grows. Everything from nursing homes to independent living communities, to those facilities with respite and Alzheimer’s care are available to the more vulnerable of our citizens: aging seniors. Working with the elderly can render these facilities vulnerable, as well. Abuse and other types of crime are easy to perpetrate, exposing elder care facilities to claims of abuse and neglect, whether it be physical or financial in nature. Here are insurance coverage options that every facility should have. Abuse, Neglect and/or Molestation The National Council on Aging (NCOA) reports that 1 in 10 Americans aged 60+ has been a victim of some sort of elder abuse. Seniors in assisted living facilities are particularly vulnerable to abuses of all kinds. Coverage for abuse and molestation should be included in your assisted living facility insurance portfolio. This coverage protects the facility not only against actual cases of abuse, but also offers legal help to those facilities that may be wrongly accused of abuse. This coverage is not included under a standard Commercial General Liability policy, as intentional acts are excluded from coverage. While it may be included under some package policies for care facilities, it may need to be purchased separately in some cases. Board of Directors Many assisted living facilities are run by a board of directors. As such, the board members themselves may be subject to scrutiny on a personal level due to decisions made as a board member. Directors and Officers Liability (D&O) insurance should be in the portfolio of any company...