Commercial crime and employee dishonesty
Commercial crime policies cover burglary and theft of money, but more importantly they should carry a substantial limit for employee theft. Employee dishonesty coverage protects against theft of money or inventory by one or more employees acting alone or together. These cases often span many years and involve surprisingly large sums. A proposal for comprehensive property coverage should include some discussion of this protection, and failing to do so may be a breach of the agent’s standard of care.
Inland marine and builders risk
“Inland marine” is an antiquated name from the days of covering cargo after it left a ship and traveled overland. Today these forms cover property almost anywhere for nearly any peril. Standard commercial property forms limit protection to scheduled locations and offer little coverage elsewhere. Inland marine forms fill that gap for cargo, equipment and inventory in transit or in the field, and builders risk forms cover buildings and materials during construction. A comprehensive property proposal should discuss these needs as well.
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