Caib 2 Chapter 6 Section 2

Front 1

What are the 6 duties of insureds when making a claim under crime policies?

Back 1

1) Notify insurer as soon as possible

2)Swear a proof of loss within 120 days

3)Take steps to prevent sale of securities

4)Notify authorities when losses involve criminal acts

5)Submit an examination under oath

6)Sign a statement of their answers

Front 2

What is the criminal law definition of THEFT?

Back 2

All means of taking property without owners consent.

Front 3

Describe coverage provided for losses occurring from within showcases found in the Stock Burglary Policy

Back 3

Stock and equipment within showcases not opening into premises is insured when premises are open

Front 4

List 3 coverages provided for losses occurring outside premises.

Back 4

1) Robbery away from premises when preforming employment duties

2) Theft at home of messenger up to limit of insurance or $500 whichever is less

3) Theft from night deposit safe provided by bank for customers use

Front 5

What are 3 situations that constitute a robbery by Inside/Outside Robbery Policies?

Back 5

1) Wrongful taking of property from a custodian by actual or threatened violence

2) Taking of property by person who committed an overt wrongful act witnessed by custodian

3) Wrongful taking of property from a custodian who was killed or unconscious

Front 6

What are 3 coverages provided by Stock Burglary Policy?

Back 6

1) Actual or attempted burglary of stock or equipment

2) Robbery of watchmen

3) Vandalism and Malicious acts committed on the same occasion

Front 7

What is another situation where safes will be insured by Safe Burglary Policies?

Back 7

When saves are removed from premises

Front 8

What requirement is placed upon the insureds regarding record keeping when claiming on Crime Policies?

Back 8

Clients are required to prove amount of loss with records from their business, when records cannot be produced,no coverage is provided.

Front 9

Custodian

Back 9

You or your partner or any employee authorized by you to have the care and custody of insured property, excluding guards, janitors, porters, or watchmen.

Front 10

What 2 requirements must be met regarding the doors of safes or vaults for coverage to be provided by Safe Burglary Policies?

Back 10

1) Doors must be closed

2) Doors must be locked with a combination lock

Front 11

What types of receptacles are insured using Safe Burglary Policies?

Back 11

1) Saves

2) Vaults

Front 12

What other proof is required to be shown before a loss will be paid by Safe Burglary Policies?

Back 12

Visible Signs of forcible entry must be proven

Front 13

Explain the Canadian Currency Clause

Back 13

Premiums collected and losses paid must be in Canadian currency.

Front 14

What are 3 types of property normally excluded or receive limited coverage on commercial property insurance policies?

Back 14

1) Money

2) Furs

3) Jewellery

Front 15

What is the criminal law definition of Robbery?

Back 15

The wrongful taking of property from another against their will,using force or fear.

Front 16

Securities

Back 16

All negotiable and non-negotiable instruments or contracts representing money or other property- does not include money.