Lawyer Says Alabama Agent Trying to Clean Up Ex-Employees' Fraud
Southeast News • June 24, 2009
The lawyer for a Gulf Shores insurance agent has asked state officials to grant her a probation period to allow her to make repayments to customers victimized by fraud.
Richard Lively said ...
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Subject: RE: a better coverage...
Posted On: June 24, 2009, 3:59 pm CDT
Posted By: JP
Comment:
Employee Dishonesty is just one component of a well crafted Crime (i.e. Fidelity) policy.
And the coverage provided under the employee dishonesty ehancement found on most BOP policies would not be sufficient for a loss such as this. The theft was not of the insured's (the agency) monies, it was premium theft (the agency's clients).
It's likely the BOP endorsement would be too narrow to provide coverage.
A stand alone policy would have a better shot of providing coverage, if it included at least the following clauses:
Employee Dishonesty
Computer Fraud
Forgery/Alteration
The following clauses can also be added, but would not be available under any BOP:
Extortion
Premises Theft / Outside Robbery
Premises Burglary
Robbery and Safe Burglary
Theft, Dissapearance, and Destruction
Carriers may combine some or call them slightly different names, depending on how they designed their modules for their policy forms.
But, my basic point is that I would never advise that the employee dishonesty endorsement on a BOP policy is sufficient coverage.
Subject: RE: a better coverage...
And the coverage provided under the employee dishonesty ehancement found on most BOP policies would not be sufficient for a loss such as this. The theft was not of the insured's (the agency) monies, it was premium theft (the agency's clients).
It's likely the BOP endorsement would be too narrow to provide coverage.
A stand alone policy would have a better shot of providing coverage, if it included at least the following clauses:
Employee Dishonesty
Computer Fraud
Forgery/Alteration
The following clauses can also be added, but would not be available under any BOP:
Extortion
Premises Theft / Outside Robbery
Premises Burglary
Robbery and Safe Burglary
Theft, Dissapearance, and Destruction
Carriers may combine some or call them slightly different names, depending on how they designed their modules for their policy forms.
But, my basic point is that I would never advise that the employee dishonesty endorsement on a BOP policy is sufficient coverage.