The following are some standard definitions that help you measure the range of losses possible in the event of damage to your business.


Computer Fraud
A crime coverage form designed to protect against loss of money, securities and property when conversion occurs via computer fraud.

Employee Theft
An insuring agreement that applies to employee theft losses involving money, securities and other property. It covers the unlawful taking of covered insured property by employees. Coverage applies regardless of the number of employees involved in the loss. This is an important point, since the limit of insurance applies to each act, and not to each employee. This is the only coverage that applies to dishonest acts of employees. Coverage is provided using either a standard form or a Surety Association form.

Forgery or Alteration
An insuring agreement that applies when someone other than an owner or employee forges a signature on a check or other negotiable instrument in order to obtain funds belonging to the insured. Coverage does not apply to forgery or alteration of checks done by the named insured or any employee, manager, director, trustee or representative. Coverage is provided using either a standard form or a Surety Association form.

Funds Transfer Fraud
An insuring agreement that provides coverage for loss of funds resulting directly from fraudulent instruction to a financial institution to transfer, pay or deliver funds from the insured’s transfer account. The fraudulent instruction must be from someone other than an employee of the insured.

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Let Lyman & Sheets help you navigate the insurance landscape.

When I arrived 15 minutes after receiving a call about a fire at our business, I was amazed to see Dave Drayton already on the scene and in contact with our carrier. He and his team saw us through the entire claim and rebuild process, and we received a very fair settlement. This is a good example of why we use Lyman & Sheets for our insurance needs.

Joseph P. Maguire
, Wolverine Development Corporation