The following are some standard definitions that help you measure the range of losses possible in the event of damage to your business.
Inside the Premises
Theft of Money and Securities
An insuring agreement that covers theft of money and securities from within the insured’s premises or from within a banking premise. It also covers damage to the interior of the premises and to the exterior of the building caused by an attempted or actual theft. Lastly, it covers damage to locked safes, vaults, cash registers, cash boxes and cash drawers inside the premises caused by an attempted or actual theft.
Robbery or Safe Burglary of Other Property
An insuring agreement where coverage applies only to robbery of a custodian or safe burglary. The act must take place within the premises situated inside the building. Money and securities are NOT covered. This is a very limited coverage and should not be used when a special cause-of-loss property form applies to the property, because doing so would duplicate the coverage.
(Refer to PF&M Section 251.4-2.) (Use ACORD Form #141.)
Money Orders and Counterfeit Paper Currency
An insuring agreement that covers currency accepted in good faith in exchange for purchases as well as money orders that are not accepted when presented. The coverage territory is limited to the United States, its territories and possessions, and Canada.
Outside the Premises
An insuring agreement that covers theft, disappearance and destruction of money and securities when outside the premises and in the custody of a messenger or an armored car company. It covers robbery of a messenger of other property when outside the premises and in the custody of either a messenger or an armored car company.