Comercial Crime Definitions
About this set
Created by:
ianchase on August 1, 2009
Subjects:
Insurance Terms, Fire and Casualty
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12 terms
Terms | Definitions |
|---|---|
 Burglary | The taking of property from inside the premises by a person unlawfully entering or leaving the premises as evidenced by forcible entry or exit. |
| Extortion | The surrender of property away from the premises as a result of a threat communicated to the insured to do harm to an insured or an employee or relative of either who is or allegedly is being held captive. |
| Robbery | Taking property from the care and custody of a person who has caused or threatened to cause bodily harm |
| Safe Burglary | The taking of property from within a locked safe or vault by a person unlawfully entering the safe as evidenced by visible marks of forced entry. Removal of safe from premises |
| Theft | Any act of stealing |
| Custodian | The named insured, any of the insured's partners or employees while having care of insured property within the premises. Does not include watcher or janitor. |
| Messenger | The named insured, any of his partners or employees while having care and custody of property outside of the premises. |
| Premises | The interior of that portion of any building occupied by the insured for the purpose of conducting business. |
| Watchperson | Any person the insured retains to have care and custody of the property inside the premises and who has no other duties |
| Money | Currency, coins, and bank notes in current use and having a face value and travelers checks, registered checks, and money orders held for sale to the public. |
| Securities | Negotiable and non-negotiable instruments or contracts representing either money or other property. Tickets, stamps in current use, evidences of debt. |
| Property other than money and securities | Any tangible property other than money and securities that has intrinsic value |
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