No. Coverage for flood is typically provided by a separate flood policy written through the National Flood Insurance Program. Coverage may also be provided by a DIC (Difference In Conditions) endorsement to the package which provides flood and earthquake coverage for an additional premium.
Usually the comprehensive physical damage coverage is written on an actual cash value basis under a Commercial Auto policy. If your vehicle is totalled, the insurance company will pay the actual cash value of the vehicle, taking into consideration it’s depreciation. This may not be enough to cover the outstanding balance on the lease or loan. Lease Gap coverage will pick up the difference. Ask your insurance agent to endorse your policy with this coverage if your policy does not already have it. It is not automatically provided and is usually available for an additional premium.
The Federal Credit Reporting Agency requires an employer to obtain the written consent of the applicant prior to requesting a motor vehicle report. The written consent can be included in an employment application that a prospective employee would be asked to complete at the initial interview.
No. With the passing of Connecticut Statute #31-284, Workers Compensation is the exclusive remedy.
Wrong! While traditional insurance policies may cover direct loss to equipment and media by perils such as fire, the international scope of the Internet results in exposures that are much more complex. For example, lost revenue resulting from hacker attacks, security breaches and service interruption may not be covered. Furthermore, your General Liability coverage may not shield you from claims arising out of infringement of copyright, trademark, defamation and invasion of privacy. Many insurers now offer policies specially designed to cover these E-Commerce exposures. Call your agent for details.
The eTailer Fraud Solution Policy covers the eMerchant's liability to their acquiring bank for fraudulent e-commerce transactions perpetrated against them through the use of a Plastic Card, either by someone not authorized by the cardholder, or by a fraudulently modified transmission during electronic transmission.
A Plastic Card is defined in the policy as a card issued by a financial institution for the purpose of permitting the cardholder to purchase goods or services either on credit or to debit the cardholders account. This broad definition covers credit, debit and other cards that fall into the definition.
The liability to the acquiring bank means the charge back amount the eMerchant is liable to pay the bank, where the merchant received credit resulting directly from the fraudulent transaction.
Any Internet merchant who sells merchandise, except cyber ware, on the Internet.
Yes the policy will cover the Internet merchant for loss as a result of the use of a lost or stolen plastic card(s) as long as the authorized cardholder did not authorize the charges.
Yes the policy will cover the Internet merchant for loss as a result of the use of a counterfeit card, as long as the authorized cardholder did not authorize the charges.
Yes that would be covered as long as the data purports to be made by the authorized cardholder but was not sent by the authorized cardholder or was fraudulently modified by someone else during transmission.
Yes the policy will cover a loss caused by card numbers being generated by a card generator or similar device as long as the authorized cardholder did not send it.
Yes, and the premium structure are both reasonable and very flexible. The product was designed to provide catastrophic financial loss protection resulting from the eMerchant's significant charge backs. Premium should be significantly less than .50% of sales depending on limits and deductibles.
Premiums are determined by the type merchandise sold, the limits desired, the deductibles, past losses, size of average ticket and internal controls used by the eMerchant such as fraud scrubbing system, etc.
No the policy will not cover interest, penalties or fines.
No at this time the policy is only designed for the sale of merchandise.
There is not coverage if an employee, officer, director, partner, or proprietor causes the loss. We suggest the Internet merchant purchase a fidelity bond on the employees to cover this exposure.
There is not coverage if the loss is a result of mechanical failure, faulty construction, error in design etc. We recommend a property type coverage for these exposures.
No there is no coverage if the authorized card holder or a person authorized by the card holder inputs the electronic data.
Disputes over customer satisfaction are not covered. However, if the authorized cardholder inputs the electronic data and someone fraudulently modifies the data during transmission regarding the ship-to address the loss would be covered.
The limits and deductibles are flexible and will be designed with the merchants' needs and wants in mind. We can offer single loss limits from $100,000 to $1,000,000 with an annual aggregate of $200,000 to $5,000,000. Deductibles can be an annual deductible with small per loss deductibles thereafter of as low as 50% of the merchant's average ticket size. An alternative would be no annual deductible but with a per loss deductibles based on 140% or more of the average ticket size. Obviously the lower the deductible the higher the premium.
As an insurance company it would be difficult to recommend one fraud system over another, but currently the underwriters have approved the ePRISM neural system. If you need more information or would like another system approved we would be happy to receive information regarding that system.
